Non-fungible token (nft) transaction volume of Pandora's new token (PANDORA) exceeds $70 million.
According to Cryptoslam, Pandora ERC-404 nft transaction volume has exceeded $70 million in the last seven days, an increase of 500% to $71.28 million in one week.
<img decoding="async" width="1024" height="292" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-14-at-10.39.21-1024×292.png” alt=”Transaction volume of new ethereum standard ERC-404 token reaches $70 million – 1″/>
The number of Pandora owners currently stands at 1,217, an increase of 75% in the last seven days. However, the average hold remains at around 0.11 days, which may indicate the speculative nature of the transactions.
PANDORA price has also shown positive dynamics over the past week, with the token increasing its price by 126%, to $21,220 at the time of writing. Since its launch on February 5, the price of the coin has increased by more than 400%. In the last week, PANDORA has risen above the $32,800 level.
<img loading="lazy" decoding="async" width="1024" height="493" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-14-at-10.27.30-1024×493.png” alt=”Transaction volume of new ethereum standard ERC-404 token reaches $70 million – 2″/>
Lookonchain analysts also note that whales have been buying PANDORA for the past two days. In one case, a trader spent $3.09 million worth of coins (USDC) to buy 136.08 PANDORA for $22,707. The address 0xcdba became the second largest holder of the token.
Another unknown trader spent 1.87 million USDC to buy 109.5 PANDORA at $17,087. This trader became the fourth largest holder of the token.
Pandora tokens are fractionally pegged to the entire nft: they can be traded on decentralized exchanges as ERC-20 assets and make the nft as liquid as a normal trading pair on decentralized exchanges (DEX).
For example, 10,000 Pandora ERC-404 tokens are associated with 10,000 nft boxes of different rarity levels. When someone purchases a coin, the project will mint a random box associated with that token. If it is sold, Pandora burns the associated nft.
