Rapid surge results in a 33% collapse of the ERC-404 industry.
The ERC-404 token industry is experiencing a notable decline following a week of rapid expansion.
Coingecko reports that the ERC-404 sector has seen a significant drop in the past 24 hours, resulting in a 33% decrease in total market capitalization, which now stands at $163 million. Prominent tokens like PANDORA have plummeted by over 24%, while DEFROG has experienced a decline of 26%, and RUG is in the red with a 31% decrease.
PANDORA, one of the most popular ERC-404 tokens, has experienced a downfall after a week of impressive growth. Over the past seven days, the coin’s price has surged by nearly 800%, reaching $14,743 at the time of writing.
Pandora is the pioneering token issued based on the innovative ERC-404 standard. It represents a combination of ERC-20/ERC-721, where the purchase of a token automatically leads to the appearance of an NFT in the user’s wallet. Within a few days, prominent marketplaces such as OKX, Blur, and OpenSea have announced their support for Pandora. Additionally, Bitget Wallet and lending protocols like Teller and Wasabi Protocol have also expressed their backing. Furthermore, the centralized exchange LBank has confirmed the listing of PANDORA.
DEFROGS has also witnessed significant growth, with analysts noting that one trader managed to earn over $166,000 in just two days by investing 0.258 ETH ($613) in the purchase of DeFrogs tokens.
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