Pacmoon ($PAC), the leading memecoin on the Blast network, is leaving Ethereum’s Layer-2 blockchain for Solana, the team announced today on X. The memecoin will rebrand to $ARMY with this migration.
The Pacmoon team criticized Blast for not supporting native tokens and lacking community focus. Team member Lamboland stated, “Building on Blast has always been an uphill battle for us.”
As part of the transition, Pacmoon holders are instructed to burn their $PAC tokens by August 14. In return, the team will airdrop $ARMY tokens based on the amount of $PAC burned. The Pacmoon website features a countdown indicating the migration will occur on August 14.
Another team member, Bobby Big Yield, expressed confidence in Solana’s future, saying, “It is clear to us that Solana will continue being the #1 place for memecoins this cycle.” The team believes that Solana’s growing popularity among new and seasoned crypto traders will benefit the rebranded $ARMY.
The rebranding is expected to help Pacmoon stand out in Solana’s crowded memecoin market. Solja Boy, another team member, commented, “This rebrand will enable us to do stuff no other project can do and also increases the ceiling for how successful we can become.”
Following the announcement and burn instructions, $PAC surged by 118.8% in the last 24 hours, reaching $0.048. The token’s market cap is currently $22.3 million, though it peaked at over $104 million in June, according to CoinMarketCap.
Memecoins on Solana have gained significant traction this year, with a total market cap of $6.47 billion and $2.94 billion in trading volume in the past day, CoinGecko data reveals.
Pacmoon’s shift from Blast to Solana highlights a major dissatisfaction with the former’s lack of support and community focus. This move could invigorate the memecoin’s presence in Solana’s vibrant ecosystem.
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