Pacmoon ($PAC), the largest meme coin on the Blast network by market cap, is leaving the Ethereum Layer-2 blockchain. SolanaThat team announce According to an announcement from X today, the move is expected to see memecoin rebranded to a new token, $ARMY.
“Building on Blast has always been a challenge for us,” says Lamboland, Pacmoon team member wrote About X. “We believe that tokens, community, and culture make blockchains successful, but Blast isn’t focused on that.”
Lamboland claimed that Blast had developed a framework that “actively rejects” native tokens on the network and “provides no social support whatsoever.”
The Pacmoon team advised holders to burn their $PAC tokens before August 14th, and said they would airdrop new $ARMY tokens to holders based on the amount of $PAC tokens they burned. The Pacmoon website currently shows a countdown showing that the migration will take place on August 14th, which is 6 days away.
“It’s clear that Solana will continue to be the #1 memecoin in this cycle,” Pacmoon team member Bobby Big Yield wrote in a post to X. “New retail traders are joining SOL, and crypto natives are moving to SOL.”
The team said they hope that by rebranding the token around a new meme, ticker, and IP, they can appeal to a wider audience in the saturated Solana memecoin market.
“This rebranding has allowed us to do things we couldn’t do on other projects, and has also pushed the boundaries of how successful we can be,” says Pacmoon member Solja Boy. said About X.
The announcement and order to burn $PAC has sent the token soaring 118.8% in the last 24 hours to $0.048. It now has a market cap of $22.3m, surpassing its peak market cap of $104m in June. CoinGecko.
Solana’s Mimecoin has seen a steady rise in value and popularity this year. According to CoinGecko data, it has a total market cap of $6.47 billion and a trading volume of $2.94 billion over the past day.
Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:
© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.