- The biggest meme coin on the Blast network, Pacmoon, intends to relocate to Solana, most likely on August 14.
- One of the Pacmoon team members said that Blast created a system that “disincentivized” native tokens on the network.
Its developers revealed on X today that Pacmoon ($PAC), the biggest memecoin on the Blast network by market capitalization, is switching from the Ethereum Layer-2 blockchain to Solana. According to the release, the memecoin will undergo a rebranding into a new token called $ARMY.
Building on Blast has always been an uphill battle for us, as Pacmoon team member Lamboland said on X. We believe that the key components of a successful blockchain are tokens, community, and culture. But Blast never really paid attention to that.
Lamboland asserted that Blast created a framework that offered no social support and actively discouraged native tokens on the network.
The Pacmoon team promised to airdrop the new $ARMY token to holders based on the quantity of $PAC tokens they burnt, and they recommended holders to burn their tokens before August 14. There is a countdown on the Pacmoon website right now that seems to indicate the migration will happen on August 14, six days from now.
We can clearly see that Solana will be the best spot to buy memecoins this cycle, as Bobby Big Yield, another member of the Pacmoon crew, stated in an X post. SOL is onboarding new retail traders, and native cryptocurrency users are alternating through it.
The team stated that it hopes to reach a larger audience in the crowded Solana memecoin market by rebranding the token based on a new meme, ticker, and IP.
Solja Boy, a member of Pacmoon, said on X that this rebrand will raise the bar for our potential success and allow us to accomplish things that no other project can.
The statement and directive to burn $PAC caused the token to rise 118.8% to $0.048 in the last day. According to CoinGecko, its market capitalization peaked at nearly $104 million in June, and it is presently valued at $22.3 million.
This year, Memecoins on Solana have consistently increased in value and popularity. According to CoinGecko data, they have collected a total market cap of $6.47 billion and $2.94 billion in trade volume in the last day.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
