ERC-404 token’s transaction volume soars to $70m
The new Pandora token (PANDORA) has experienced a surge in non-fungible token (NFT) transactions, surpassing $70 million in volume. In just the past week, the Pandora ERC-404 NFT transaction volume has increased by 500% to reach $71.28 million. This data comes from Cryptoslam, a reliable source in the cryptocurrency industry.
The number of Pandora owners has also seen significant growth, with a 75% increase in the past seven days, bringing the total to 1,217 owners. However, the average holding period for the token remains relatively short at around 0.11 days. This suggests that many of the transactions are driven by speculation rather than long-term investment.
The price of PANDORA has shown positive performance in the last week, rising by 126% to $21,220 at the time of writing. Since its launch on February 5, the token’s price has increased by over 400%. In the past week, PANDORA has even surpassed the $32,800 mark.
According to CoinMarketCap, Lookonchain analysts have observed that whales, or large-scale investors, have been actively purchasing PANDORA in the past two days. One such trader spent 3.09 million USDC to acquire 136.08 PANDORA tokens for $22,707. As a result, their address, 0xcdba, has become the second-largest holder of the token. Another unidentified trader spent 1.87 million USDC to buy 109.5 PANDORA tokens at a price of $17,087, making them the fourth-largest holder.
Pandora tokens are unique in that they are fractionally pegged to entire NFTs. This means that they can be traded on decentralized exchanges as if they were ERC-20 assets, adding liquidity to the NFT market. Each Pandora token is associated with a specific NFT box, and when a token is bought, the project mints a random box linked to that token. If the box is subsequently sold, the associated NFT is burned by Pandora.
It is worth noting that the Pandora token operates on the experimental ERC-404 standard for Ethereum, which has generated competition within the industry. This demonstrates the growing interest and innovation in the NFT space.
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