Pacmoon ($PAC), the leading memecoin on the Blast network by market capitalization, has announced its migration to the Solana blockchain, with plans to rebrand as $ARMY. The move, revealed today on X, follows ongoing challenges the team faced while operating on the Blast Layer-2 blockchain.
According to Lamboland, a Pacmoon team member, building on Blast has been problematic due to the network’s lack of focus on community and cultural elements essential for a token’s success. He criticized Blast for its framework, which he claimed actively disincentivized native tokens and offered no social support.
Pacmoon holders are advised to burn their $PAC tokens before August 14. In return, the team will airdrop $ARMY tokens based on the amount of $PAC tokens burned. The Pacmoon website features a countdown indicating that the migration is set to occur on August 14.
Another team member, Bobby Big Yield, expressed confidence in Solana’s potential, stating, “It is clear to us that Solana will continue being the #1 place for memecoins this cycle,” and noting the influx of new retail traders to Solana.
The rebranding to $ARMY aims to capture a broader audience in the competitive Solana memecoin market. Pacmoon member Solja Boy highlighted that the rebrand will offer unique opportunities and increase the project’s potential success.
Solana memecoins have experienced significant growth this year, accumulating a market cap of $6.47 billion and $2.94 billion in trading volume over the past day, according to CoinGecko.
In response to Pacmoon’s departure, Blast founder Tieshun Roquerre, known as Pacman, announced plans to expand the network’s reward system to support native tokens with “Gold” incentives. He expressed disappointment that Pacmoon migrated before these incentives were available, but assured that the allocated funds for Pacmoon would be redistributed to previous holders based on a snapshot taken before and after the token generation event.