The original Safemoon logo from the popular 2021 BSC token.
Safemoon recently made headlines, but not in the way you might expect. A token bearing the Safemoon name surfaced on Solana, sparking a wave of excitement, confusion, and drama among crypto traders. Here’s a breakdown of what happened over this past weekend.
The Return of Safemoon?
In the world of cryptocurrency, old tokens from the 2021 meme coin bull run have started reappearing, this time on the Solana blockchain. Among these was Safemoon, which trended on DEXScreener last Friday, leading many to believe that the original Safemoon from Binance Smart Chain (BSC) was making a comeback.
However, the excitement quickly turned into controversy. The VGX Foundation, which had acquired the original Safemoon assets, released a statement denouncing the new token:
“#SafeMoonArmy, We have become aware of a new token launched on Solana using the name SafeMoon – please be advised that this token was NOT launched by the group that owns the SafeMoon assets, nor is it approved by the past or current SafeMoon owners. The new token does NOT have the right to use the SafeMoon name or logo. Neither the current or prior SafeMoon owners are affiliated in any way with this new Solana token. #SafeMoon”
Despite the foundation’s warning, the Solana-based Safemoon token gained traction. Comments flooded in on X (formerly Twitter), targeting the original Safemoon team with biting remarks:
- “Just bought more Safemoon on Solana, suck it bozo.”
- “Haha, you’re the scammers who rugged us. This new Safemoon is rugged proof—you deserve this ratio.”
The drama was intense, but the hype didn’t last long as traders encountered Solana’s notorious pitfalls. You can check out the tweet made here.
The Inside Story: Solana’s Safemoon Drama
Contacting an OG: The Role of Hank
The developers behind Solana’s Safemoon reached out to Hank, a key figure from the original Safemoon team and one of the few not embroiled in legal trouble. Through Telegram, they offered him a large portion of the new token’s supply. Hank accepted and received millions of tokens, which he claimed to have burned (100 million tokens) while sending the rest to the liquidity pool.
Hank showcased a wallet screenshot that, before the burn, held nearly $11.5 million in Safemoon tokens. He also hosted a live space on X, announcing plans to use liquidity pool fees for buybacks, ads, and DEXScreener trending. True to his word, Hank ran giveaways, purchased ads, and triggered buybacks.
A Pump-and-Dump Unfolds
Despite Hank’s efforts, the Solana Safemoon developers kept farming and selling the token. The chart experienced two significant price surges, both followed by massive sell-offs. As it became clear this was a textbook slow rug pull, traders grew increasingly suspicious.
During one sharp price drop, Hank attempted to counter the sell-off with buybacks, only for the coin to plummet further as the devs continued dumping tokens. Since then, the token has been on a steady decline.
Can Safemoon on SOL Recover?
Hank and the remaining community haven’t given up. They’ve redesigned the token’s logo and remain hopeful for a turnaround. However, the chances of the token regaining its former glory are slim. Adding to the disappointment, Hank admitted to using the token’s publicity to promote his other projects.
This isn’t the first time developers have used influencers to pump their coins. Similar tactics were employed with popular NFT creators, further emphasizing the need for traders to exercise caution.
Lessons Learned: Watch Out for Revival Tokens
Revived tokens often prey on nostalgia, but they can quickly turn into pump-and-dump schemes. Be wary when:
- Large token allocations are sent to influencers.
- The project lacks transparency or credible backing.
- Trading activity seems artificially driven by hype rather than utility.
Meanwhile, on the BSC Safemoon Front…
Interestingly, during this Solana Safemoon drama, the original BSC Safemoon team made an announcement. MEXC re-enabled deposits, and some BSC holders reported receiving reflections again, suggesting renewed trading activity.
It remains to be seen whether this marks a true comeback for Safemoon on BSC or just another fleeting moment of activity.
Stay vigilant, especially on the Solana blockchain. And always do your due diligence before investing in revived tokens. We’ll be watching closely for further developments in this Safemoon saga. Here is the DEXScreener page if you want to follow along chart watching.
