Blast memecoin Pacmoon announces migration to Solana

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

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

Lamboland claimed that Blast developed a framework that “actively disincentivized” native tokens on the network and provided “zero social support.”

The Pacmoon team advised holders to burn their $PAC tokens before Aug. 14, and said that it will airdrop holders the new $ARMY token based on how much $PAC tokens they burnt. The Pacmoon website currently displays a countdown that appears to show the migration will take place in six days, on Aug. 14. 

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

With the rebranding of the token based on a new meme, ticker and IP, the team said it expects to appeal to a wider audience in the saturated Solana memecoin market. 

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

With the announcement and instruction to burn $PAC, the token soared 118.8% in the past 24 hours to $0.048. It currently has a market cap of $22.3 million, while it hit a peak market cap of over $104 million in June, according to CoinGecko.

Memecoins on Solana have shown continuous gains in value and popularity this year. They have amassed a total market cap of $6.47 billion and $2.94 billion worth of trade volume in the past day, CoinGecko data shows.

A few hours after Pacmoon’s announcement, Blast founder Tieshun Roquerre, better known by his pseudonym Pacman, said on X that the network is planning to expand its reward system so that native tokens can receive “Gold” incentives directly.

“It’s unfortunate that pacmoon decided to migrate before this distribution came out,” Pacman said. “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