Blast's Top Memecoin Abandons the Chain for Solana
Blast has been having a tough post-airdrop existence and one of it's top communities is bidding it adieu. Pacmoon (PAC), the largest memecoin on Blast, is planning to move to Solana and rebrand to ARMY, likely on Aug. 14.
What's the scoop?
- Team's Statement: Pacmoon’s founder Lamboland criticized Blast for making it hard for native tokens to thrive by lacking social support and creating disincentives.
- Token Burn: Holders are advised to burn PAC before Aug. 14 for airdropped ARMY tokens.
- Market Impact: PAC surged 118.8% to $0.048, with a market cap of $22.3M. The peak market cap was over $104M in June.
- Solana's Appeal: Memecoins on Solana have amassed a total market cap of $6.47B with $2.94B trade volume in the past day.
Bankless Take:
While Solana certainly is the place for memes, it may be difficult for a Blast-themed token to properly rebrand to fit a new environment. No matter the outcome, Pacmoon's move appears to have prompted Blast to rethink its project support strategies on its blockchain. Blast’s founder Pacman responded, saying the network intends to enhance its reward system, allowing native tokens to be eligible for "Gold" incentives directly. Maybe this will be enough to keep the rest of the ecosystem intact. We shall see.
there's been a desire to allocate incentives to native assets since phase 1, but at the time a chain allocating incentives directly to third party teams had never been done before. we decided to exercise caution and only allocate incentives to dapps.
— Pacman | Blur + Blast (@PacmanBlur) August 8, 2024
now, the foundation team has…