The team advised holders to burn their $PAC tokens before August 14.
The team behind Pacmoon ($PAC), the largest memecoin on the Blast network, has announced an upcoming transition. According to a recent post on X, Pacmoon is getting ready to port from the Ethereum Layer 2 blockchain to Solana. However, that is not all. The team also mentioned a rebranding effort that will see the meme coin take up a new token name, $ARMY.
Speaking about the upcoming changes, a team member, identified as Lamboland on X, has explained the reason behind the sudden shift in the Pacmoon team’s priorities in an X post.
According to him, Blast could have done better in the area of tokens, community, and culture, all of which make a blockchain successful. However, the network admittedly never made all that a focal point. Hence, the reason why “building on Blast has always been an uphill battle for the team,” Lamboland added.
The Pacmoon team is hoping to get it all right this time, though. That is, with the new $ARMY project. However, they are keen to bring the community they already created along the ride.
To this end, the team advised holders to burn their $PAC tokens before Aug. 14. The instruction reads in part:
“If you hold $PAC, burn it now. We will airdrop you $ARMY on Solana based on how much $PAC you burn.”
Notably, the Pacmoon website currently displays a countdown, leading observers to believe that the migration is expected to be fully completed on August 14.
Pacmoon Eyes User Base Expansion with Solana Move
Another Pacmoon team member, Bobby Big Yield, has also weighed in on the transition. In a lengthy X post, he hailed the move as a necessary development, seeing as Solana is undisputably the number one place for meme coins in this dispensation.
With the proposed rebranding, which will include a new meme, ticker and IP, and better tokenomics, the team anticipates that the new project will appeal to a much wider audience in the booming Solana memecoin market.
$PAC Soars
Meanwhile, it appears that the recent announcement has had an almost immediate effect on the $PAC token. As of publication, the token was seen trading at $0.0353, up 53.73% in the past 24 hours. It currently has a market cap of $9.5 million, while it hit a peak market cap of over $100 million in June, according to CoinMarketCap data.
Without a doubt, meme coins on Solana have continued to defy all odds by showing consistent gains in value, even amid a wider downturn. They have grown remarkably popular this year.
For context, an early July report by Coinspeaker detailed how Solana meme coins outperformed their Ethereum counterparts by 800% year-to-date. So, the Pacmoon team will be banking on this strength as the planned transition takes effect over the coming few days.
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