Pacmoon ($PAC), the largest memecoin by market cap on the Blast network, is transitioning from the Ethereum Layer-2 blockchain to Solana, and will rebrand as $ARMY. This move comes as the team expresses dissatisfaction with the current platform and aims to capitalize on Solana’s growing popularity in the memecoin space.
Pacmoon, a leading memecoin on the Blast network, announced its departure from the Ethereum Layer-2 blockchain for Solana in a statement released on X (formerly Twitter) today. The migration will also involve a rebranding of the memecoin to a new token, $ARMY.
The decision to leave Blast was driven by challenges with the current platform. Pacmoon team member Lamboland criticized Blast for its lack of support for native tokens and its failure to foster a strong community. “Building on Blast has always been an uphill battle for us,” Lamboland wrote. “We think that tokens, community, and culture are what make a blockchain successful. However, Blast never focused on that.”
Holders of $PAC tokens are advised to burn their tokens before August 14. In return, they will receive the new $ARMY token based on the amount of $PAC they have burned. The Pacmoon website features a countdown clock, indicating that the migration will occur in six days, on August 14.
Another team member, Bobby Big Yield, expressed confidence in Solana’s potential: “It is clear to us that Solana will continue being the #1 place for memecoins this cycle,” he wrote. “New retail traders are onboarding to SOL and crypto natives are rotating into it.”
The rebranding effort aims to attract a broader audience within Solana’s vibrant memecoin market. Pacmoon member Solja Boy highlighted the advantages of the move: “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, $PAC surged 118.8% in the past 24 hours, reaching $0.048. The token currently has a market cap of $22.3 million, a notable increase from its peak market cap of over $104 million in June, according to CoinGecko.
Solana’s memecoins have demonstrated substantial growth this year, with a total market cap of $6.47 billion and a 24-hour trading volume of $2.94 billion, according to CoinGecko data. The move to Solana positions Pacmoon to benefit from this trend and further establish its presence in the memecoin space.
