- Pacmoon, a prominent memecoin, is leaving Ethereum Layer-2 for Solana, undergoing a rebrand to $ARMY in the process.
- The announcement of Pacmoon's migration led to an immediate 118.8% increase in the value of its $PAC token.
- Following Pacmoon's departure, Blast network plans to enhance rewards and redistribute reserved incentives to other token holders.
Pacmoon, the leading memecoin by market cap on the Blast network, announced a significant shift from Ethereum Layer-2 to Solana. The memecoin is set to undergo a rebranding process and emerge as $ARMY.
Lamboland, a Pacmoon team member, expressed dissatisfaction with Blast's framework, citing a lack of support for tokens and community building as primary reasons for the move.
Implications for Token Holders
The transition involves a strategic call to action for Pacmoon holders: burn their $PAC tokens by August 14. In return, the team promises an airdrop of the new $ARMY tokens.
The directive aligns with the impending migration, visible on the Pacmoon website's countdown, scheduled for six days from now. The announcement led to a surge in $PAC value, skyrocketing by 118.8% within 24 hours to a price of $0.048.
Future Prospects on Solana
Solana, known for its vibrant memecoin ecosystem, appears as a promising platform for Pacmoon's new iteration. Bobby Big Yield, another team member, highlighted Solana's growing appeal among new and existing crypto traders.
The rebranding aims to capitalize on this trend by introducing unique features and intellectual property that distinguish $ARMY from its competitors in the crowded Solana memecoin market.
Market Reactions and Adjustments
Following the migration announcement, Blast network's founder, Tieshun Roquerre, also known as Pacman, revealed plans to enhance the network's reward system.
Despite losing Pacmoon, the network plans to redistribute incentives intended for Pacmoon to other token holders, leveraging recent and forthcoming snapshots. This adjustment seeks to maintain network stability and investor interest in the face of the high-profile departure.
As Pacmoon transitions to Solana, the memecoin market watches closely. The move might set a precedent for other tokens facing similar issues on their native networks. Moreover, this strategic shift underscores the dynamic and rapidly evolving landscape of the cryptocurrency market.
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