Blast meme coin Pacmoon (PAC) is migrating to Solana, less than four months after launching on the Ethereum layer-2 scaling network. The move will see the token renamed ARMY, as revealed by a promotional Twitter video.
As per Pacmoon’s official site, users are encouraged to connect their Blast wallet, enter their Solana address, then burn their PAC tokens in order to be airdropped ARMY tokens—at an exchange rate of 1 PAC for 10 ARMY.
WE ARE MIGRATING TO SOLANA pic.twitter.com/UGoocA1V3U
— PACMOON 🔜 ARMY (@pacmoon_) August 7, 2024
This will need to be done by August 14 as the Solana ARMY tokens will be airdropped the next day.
“It is clear to us that Solana will continue being the #1 place for memecoins this cycle,” Pacmoon’s pseudonymous founder, Bobby Big Yield, posted on Twitter. “New retail traders are onboarding to SOL and crypto natives are rotating into it. SOL’s strength provides a massive boost to every coin on its chain.”
Solana has hosted some of the biggest meme coin winners of this cycle. Dogwifhat (WIF) broke a market cap of $4.5 billion in March while other meme coins such as Popcat (POPCAT), Michi (MICHI), and Billy (BILLY) have all broken past $100 million.
As for PAC on Blast, it tipped the $100 million mark on two occasions but struggled to sustain major success.
“Building on Blast has always been an uphill battle for us.” Blast team member, Lamboland, posted on Twitter, “We think that tokens, community, and culture are what make a blockchain successful. However, Blast never focused on that.”
The Blast network has struggled to sustain user activity since its hyped launch earlier this year. The network drew attention through giveaways of Blast Points and Gold earned by interacting with dapps in its ecosystem, which would later determine the size of users airdrop.
But the June airdrop disappointed some users who felt the amount of work they’d put into farming the drop didn’t correlate with how much they received—prompting a huge sell off.
Active user numbers on Blast have slumped from a peak of 177,780 unique active wallets in June to just 20,650 active users, per data from DappRadar—a drop of 88%.