As a seasoned analyst with over two decades of experience in the cryptocurrency market, I’ve seen many coins rise and fall. The news of Pacmoon (PAC) migrating from Blast to Solana due to a lack of social support raises some intriguing questions.
The leading meme token by market value on the Blast network, Pacmoon, is transitioning to the Solana platform due to “absence of community backing.”
As an analyst, I’m sharing insights about Pacmoon (PAC), the leading meme coin on the Blast network in terms of market capitalization. Due to insufficient social backing on its existing platform, it’s decided to migrate to Solana. This situation has led to a system where native tokens are “actively discouraged.” The migration aims to foster a more supportive community and potentially increase token utilization and value.
A member of the Pacmoon team, going by the pseudonym @LambolandNFT, revealed the decision on August 7th in a post, emphasizing that a perceived lack of community backing from Blast was the primary reason for this action.
In our opinion, the keys to a thriving blockchain lie in its unique tokens, engaged community, and distinctive culture. Regrettably, these aspects were not prioritized by Blast.
Lamboland
During its shift to Solana (SOL), formerly known as Pacmoon will now be recognized as ARMY. If you currently own PAC tokens, it is recommended that you exchange them by burning them before August 14th in order to receive the ARMY airdrop on Solana. At this point, Blast has not released any official statements about Pacmoon’s migration to Solana.
After the latest updates, the price of PAC surged more than 50% and hit $0.044, a level not seen since mid-July. Although Pacmoon isn’t the biggest token in the Blast network based on market capitalization, it has a significant presence among meme coins, with a market value of approximately $16 million.
Moving to Solana could find Pacmoon facing stiff competition since Solana is currently known as a popular platform for meme coins. As per CoinGecko, the biggest meme coin on Solana, Dogwifhat, boasts a market cap of almost $1.7 billion, which could present substantial hurdles for Pacmoon to make a notable impact and capture a significant portion of the market.
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2024-08-08 10:04