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Pandora Token Surges in Trading Volume
Pandora, an experimental hybrid token based on the ERC404 standard, has experienced a surge in trading volume since its deployment on February 2. Within just one week, the token’s fully diluted valuation soared to over $320 million, making it one of the most talked-about projects in the crypto space.
Trading Volume and Valuation
According to data as of February 13, the total trading volume of Pandora reached an impressive 73,024 ETH, equivalent to approximately $190 million, Nansen said in an analysis shared with Cryptowire.com. Notably, this volume includes transactions on both decentralized exchanges (DEXs) for ERC20 tokens and NFT marketplaces for ERC721 tokens.
Pandora’s Token Price
As of the latest update, Pandora’s price stands at around $21.9k, marking a 32% decline since its all-time high. The token has garnered attention from 1,420 unique owner wallets, each holding at least one full token. Among the 5,681 NFTs or full tokens in circulation, an impressive 50% are held by “diamond hands” wallets, indicating a strong investor belief in the project’s potential.
Market Activity and Trends
Several projects launched after Pandora on February 2 have already shown promising trading activity, with three projects surpassing 10,000 ETH in volume and an additional 12 projects exceeding 1,000 ETH in volume since their inception. This trend indicates a favorable reception within the industry, as market participants embrace the concept of native liquidity for hybrid token standards.
ERC404 Minting Surge
Additionally, the minting of ERC404 tokens has witnessed a significant surge. Mints occur when whole tokens or multiple whole tokens are purchased from a DEX, and the past week alone saw mint volume surpassing $344 million. This trend has also paved the way for other projects utilizing the ERC404 token standard, including technical advancements like ERC404+ and DN404.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
