Pacmoon is making the move to Solana due to encountering challenges on the Blast network, including inadequate support for native tokens
With the rebranding, the memecoin will now be known as $ARMY and is offering an airdrop to holders who burn their $PAC tokens before the August 14 deadline.
Following the migration announcement, Pacmoon's value saw a 76% surge, however, its market cap still remains below its peak in June at $104 million.
Pacmoon ($PAC), a prominent memecoin on the Blast network, is moving from the Ethereum Layer-2 blockchain to Solana. This decision, announced on X (formerly Twitter), includes rebranding the token to $ARMY. This transition represents a major change for memecoin, which has encountered challenges on the Blast network since its launch.
https://twitter.com/LambolandNFT/status/1821288042641973332
The Pacmoon team decided to migrate to Solana due to several challenges they faced with the Blast network. According to Lamboland, a key team member, Blast network's framework did not adequately support native tokens and lacked the necessary social support for community-driven growth of meme coins. These challenges led the team to seek a more supportive environment on the Solana blockchain, known for fostering a thriving memecoin ecosystem.
Solana,Migration Process and Market Impact
Attention all Pacmoon holders! Prior to the migration, it is recommended that you burn your $PAC tokens before August 14. Individuals who comply with this directive will be rewarded with an airdrop of the new $ARMY token. This wil be equivalent to the quantity of $PAC burned. The official Pacmoon website currently features a countdown to the migration date, signifying that the transition will be finalized within six days.
Pacmoon's transition to Solana highlights the blockchain's expanding influence in the memecoin market. Solana has become a focal point for these tokens, garnering the attention of retail traders and experienced crypto investors. The Pacmoon team has expressed confidence in Solana's potential to persist as a leading platform for meme coins during this market cycle.
Following the announcement of migration, Pacmoon's value surged, with the token price increasing by 76%% within 24 hours to $0.04054 . Despite this recent boost, Pacmoon's market cap remains significantly lower than its peak of $104 million in June, currently at $19.3 million.
CoinGecko
In response to Pacmoon's departure, Blast founder Tieshun Roquerre, known as Pacman, revealed plans to enhance the network's reward system. This new initiative will offer "Gold" incentives to native tokens.
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