“`html

Pacmoon, the biggest meme coin by market capitalization on the Blast network, is moving to Solana due to “zero social support.”

Pacmoon, the top meme coin by market capitalization on the Blast network, is migrating to Solana due to a lack of social support on its current platform, which creates a system where native tokens are “actively disincentivized.”

The decision was disclosed by a Pacmoon team member known by the alias @LambolandNFT in an X post on Aug. 7, highlighting the lack of social support from Blast as the main motivation behind the move.

“We think that tokens, community, and culture are what make a blockchain successful. However, Blast never focused on that.”

In its transition to Solana (SOL), Pacmoon will be rebranded as ARMY. Current holders are encouraged to burn their existing PAC tokens to be eligible for the ARMY airdrop on Solana before the deadline of Aug. 14. As of press time, Blast has not made any public statements regarding Pacmoon’s migration.

Following the news, the price of PAC soared by over 50% and reached $0.044, a level last seen in mid-July. While Pacmoon is not the largest token within the Blast ecosystem by market capitalization, it stands out among meme coins on the network, boasting a market cap of $16 million.

Pacmoon’s migration to Solana positions might put it in a highly competitive environment as the network has recently earned a reputation as a launchpad for meme coins. According to CoinGecko, the largest meme coin on Solana, Dogwifhat, has a market capitalization nearing $1.7 billion, posing significant challenges for Pacmoon to gain substantial traction and market share.

Stay updated with the latest cryptocurrency news and insights on Global Crypto News.

“`

Post Views: 7