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Transaction volume of new Ethereum standard ERC-404 token hits $70m

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The quantity of non-fungible token (NFT) transactions of the brand new Pandora token (PANDORA) exceeds $70 million.

In accordance with Cryptoslam, Pandora ERC-404 NFT transaction quantity has surpassed $70 million previously seven days, up 500% to $71.28 million in every week.

Transaction volume of new Ethereum standard ERC-404 token hits $70m - 1

Supply: Cryptoslam

The variety of Pandora homeowners presently sits at 1,217, a rise of 75% during the last seven days. Nonetheless, the common maintain stays at round 0.11 days, which can point out the speculative nature of the transactions.

The value of PANDORA has additionally proven constructive dynamics over the previous week, with the token rising in worth by 126%, to $21,220 on the time of writing. Since its launch on Feb. 5, the coin’s worth has elevated by greater than 400%. Within the final week, PANDORA has climbed above the $32,800 degree.

Supply: CoinMaketCap

You may also like: Dealer turns 1 ETH to $59k in hours with new ERC-404 token

Lookonchain analysts additionally observe that whales have been buying PANDORA over the previous two days. In a single occasion, a dealer spent 3.09 million USD Coin (USDC) to purchase 136.08 PANDORA for $22,707. Deal with 0xcdba turned the second-largest holder of the token.

One other unknown dealer spent 1.87 million USDC to purchase 109.5 PANDORA at $17,087. This dealer turned the fourth-largest holder of the token.

Whales have been shopping for #PANDORA previously 2 days!

0xcdba spent 3.09M $USDC to purchase 136.08 #PANDORA at $22,707, changing into the 2nd holder of #PANDORA.

0x6fCa spent 1.87M $USDC to purchase 109.5 #PANDORA at $17,087, changing into the 4th holder of #PANDORA. pic.twitter.com/fe6UV5m5jd

— Lookonchain (@lookonchain) February 14, 2024

Pandora tokens are fractionally pegged to your complete NFT—they are often traded on decentralized exchanges like ERC-20 property and make the NFT as liquid as a daily buying and selling pair on decentralized exchanges (DEXs).

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For instance, 10,000 ERC-404 Pandora tokens are related to 10,000 NFT packing containers of various rarity ranges. When somebody buys a coin, the mission will mint a random field related to that token. If bought, Pandora burns the related NFT.

You may also like: Experimental Ethereum ERC-404 commonplace spurs competitor

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