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The largest meme coin PacMoon, on the Blast network by market capitalization is to make a transition to Solana soon. Such migration is necessitated by the absence of social support on Blast, as revealed by a PacMoon team member identified as @LambolandNFT in an X post on August 7. The transition has already brought a simply phenomenal 71. 65% increase in PacMoon’s relative value which is in line with the market’s approval of the shift.
Reasons Behind the Meme Coin PacMoon Migration
Thus, meme coin PacMoon decision to switch to Solana is a result of perceiving the Blast social network as unsupportive. As the current platform is said by the @LambolandNFT is not focusing on tokens, which community and culture is the key to success in any blockchain. Specifically such as tokens, community, and culture are believed to determine the success of a blockchain, but Blast never prioritise it, as explained by @LambolandNFT. This has created a feeling that PacMoon needs a more welcoming and interactive community on Solana.
The platform is also reputable for its strong community, and its growing ecosystem could prove to be a better hub for PacMoon. It has over the recent past been associated with meme coin which several of them have been launched within the network. This is deemed to improve the interactions of PacMoon and its overall growth better than the previous medium of interaction with the public.
Transition Process and Market Reaction
During the process of transition, meme coin PacMoon will be renamed to ARMY and issued on Solana. Current holders of PAC token are kindly requested to burn them for them to be eligible to be part of ARMY on Solana before the deadline on 14th August 2022. This change is to consolidate the governance for a clean break and, to do so, they will be distributing new tokens on the Solana network for existing holders.
As for the negative effects related to the migration, it can be stated that the announcement of the migration has considerably affected meme coin PacMoon performance in the market. The new affected the price of PAC such that the shares of the company skyrocketed by over 50%, trading at $0.044, down from last week, the index was the lowest since mid July. This rise may suggest that there is obviously much market support for the move PacMoon has decided to make, or the positive outcomes that may be derived out of it.
Thus, while not the biggest token in the Blast ecosystem strictly by market cap, PacMoon takes its place as one of the most vivid examples of meme coins with $16 million in market cap.
Competitive Landscape on Solana
PacMoon’s current environment to see how the migration to Solana sets it up as quite a competitor. There is already an incredible and recognized amount of meme coins flourishing on Solana, and it is already a battle-tested ecosystem. As per the data available on news sources, the biggest meme coin on Solana, namely Dogwifhat, has a market cap which is very close to the $1.7 billion. This poses a great deal of difficulty for PacMoon to obtain large market adoption and general market share.
However, the officials of PacMoon’s team do not lose hope in the transition, and experts’ opinion can also be heard regarding the discussed action. This is regarded as a tactical move to fully utilize Solana’s edge and strengthen the community there. In this regard, meme coin PacMoon provides a market position and a viable network that would further promote community and cultural positioning in the future.
Final Take on Meme Coin PacMoon
Therefore, the transition from PacMoon’s previous platform to the Solana blockchain is definitely a business decision designed to eliminate the aforementioned shortcomings. This has been necessitated by perceived social support as evident on Blast which has led to a boost in PacMoon’s worth. Thus, PacMoon changed its name to ARMY and moved to Solana, seeing competition in front of the project but remaining positive about the future.
Observing the shifting to Solana intends to continue the focusing of its business on creating the supportive environment essential for the growth of the communities engaged in the work of the companies dealt with by the plaza. As PacMoon goes on its journey at Solana, many are going to observe keenly on how this project will aim at making its big chunk of the meme coin market.
Altogether, It can state that the decision of meme coin PacMoon to go for Solana was a brilliant decision and that is also very important in the world of blockchain, the power of community. With a 71.65 percent increment in its value after the news, one may be eager to know the gains of such migration in the market. In the process of the shift the meme coin’s dynamics on the Solana platform will define whether it will succeed in the future or not. Keep following Turkishnyradio for latest crypto updates
