Pacmoon Moves to Solana

Pacmoon ($PAC), the largest memecoin on the Blast network by market cap, is leaving the Ethereum Layer-2 blockchain for Solana, as announced by its team on X today. The memecoin is expected to be rebranded into a new token, $ARMY.

“Building on Blast has always been an uphill battle for us,” stated Pacmoon team member Lamboland on X. “We think that tokens, community, and culture are what make a blockchain successful. However, Blast never focused on that.”

Lamboland criticized Blast for developing a framework that “actively disincentivized” native tokens on the network and providing “zero social support.”

Pacmoon has advised its holders to burn their $PAC tokens before Aug. 14. The airdrop of the new $ARMY token will be based on the amount of $PAC burnt. A countdown on the Pacmoon website indicates that migration will occur on Aug. 14.

“It is clear to us that Solana will continue being the #1 place for memecoins this cycle,” said Pacmoon team member Bobby Big Yield in an X post. “New retail traders are onboarding to SOL and crypto natives are rotating into it.”

With the rebranding, the team aims to attract a broader audience in the competitive Solana memecoin arena.

“This rebrand will enable us to do stuff no other project can do and also increases the ceiling for how successful we can become,” said Pacmoon member Solja Boy on X.

Following the announcement to burn $PAC, its price surged 118.8% in the past 24 hours to $0.048, with a current market cap of $22.3 million, reaching a peak of over $104 million in June, as per CoinGecko data.

Memecoins on Solana have demonstrated ongoing increases in value and popularity this year, with a total market cap of $6.47 billion and $2.94 billion in trade volume over the past day, according to CoinGecko.

In response to Pacmoon’s decision, Blast founder Tieshun Roquerre (Pacman) mentioned on X that the network plans to improve its reward system to provide “Gold” incentives for native tokens directly.

“It’s unfortunate that Pacmoon decided to migrate before this distribution came out,” Pacman commented. “In the meantime, the allocation that was reserved for Pacmoon will be distributed to previous holders based on a combined snapshot of 2 weeks pre-[token generation event] and 2 weeks post-TGE.”

Story updated to add comments from Pacman’s X post