Pandora, an unofficial ERC-404 standard, has become the latest sensation since its launch on February 2. In just one week, the fully diluted valuation of this new ethereum token exceeded $320 million, while its total trading volume increased by 73,024 eth, which is equivalent to about $190 million.
Currently, the price of Pandora is above $21,000, which represents a decrease of 32% from its all-time high. According to the latest Nansen report shared with CryptoPotato1,420 wallets of different owners contain at least one complete token.
Pandora diamond hands dominate
Despite the price increase, Pandora holders do not appear to be dumping their tokens anytime soon.
Of the 5,681 NFTs or full tokens available, half are found in “diamond hand” wallets, those that have held onto their tokens since the initial acquisition without selling them. This retention rate, called the “diamond hand” percentage, is remarkably impressive for a new project, Nansen observes.
Compared to established nft collections like Pudgy Penguins, which boast a 53% retention rate, and Bored Ape Yacht Club at 44%, Pandora reportedly demonstrates “a strong holding pattern among its investors.”
Looking at exclusive nft transactions over the past 30 days, Blur and OpenSea's trading volume was largely unaffected. In fact, the majority of ERC404 transactions were observed to be on decentralized exchanges (DEX).
Transactions on the ERC404 network mainly occur during DEX operations when a single full token or multiple full coins are purchased. As a result, there was a significant increase in mint volume last week, exceeding $344 million.
According to Nansen's findings, since Pandora's debut, 15 projects have been introduced using the novel ERC404 “token standard”, along with technical improvements such as ERC404+ and DN404.
This trend suggests that both industry and market participants have embraced the idea of native liquidity for hybrid token standards. Three of these projects, including Pandora, have traded over 10,000 eth in volume, while another 12 projects have traded over 1,000 eth in volume since their inception.
Whale activity detected
Analysis of Pandora by prominent on-chain analytics firm Lookonchain revealed significant whale activity over the past two days.
The whales have been buying #PANDORA in the last 2 days!
0xcdba spent 3.09 million $USDC buy 136.08 #PANDORA to $22,707, becoming the second holder of #PANDORA.
0x6fCa spent 1.87 million $USDC buy 109.5 #PANDORA to $17,087, becoming the fourth holder of #PANDORA. pic.twitter.com/fe6UV5m5jd
— Lookonchain (@lookonchain) February 14, 2024
One whale address, “0xcdba,” is reported to have invested $3.09 million to acquire 136.08 Pandora tokens at $22,707, securing the position as the second-largest holder. Similarly, another whale, “0x6fCa,” spent $1.87 million on 109.5 Pandora tokens at $17,087, ranking as the fourth-largest holder.
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