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

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

According to Cryptoslam, Pandora ERC-404 NFT transaction volume has surpassed $70 million in the past seven days, up 500% to $71.28 million in a week.

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Source: Cryptoslam

The number of Pandora owners currently sits at 1,217, an increase of 75% over the last seven days. However, the average hold remains at around 0.11 days, which may indicate the speculative nature of the transactions.

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The price of PANDORA has also shown positive dynamics over the past week, with the token rising in price by 126%, to $21,220 at the time of writing. Since its launch on Feb. 5, the coin’s price has increased by more than 400%. In the last week, PANDORA has climbed above the $32,800 level.

Transaction volume of new Ethereum standard ERC-404 token hits $70m - 2 — Source: CoinMaketCap

Lookonchain analysts also note that whales have been purchasing PANDORA over the past two days. In one instance, a trader spent 3.09 million USD Coin (USDC) to buy 136.08 PANDORA for $22,707. 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 like ERC-20 assets and make the NFT as liquid as a regular trading pair on decentralized exchanges (DEXs).

For example, 10,000 ERC-404 Pandora tokens are associated with 10,000 NFT boxes of different rarity levels. When someone buys a coin, the project will mint a random box associated with that token. If sold, Pandora burns the associated NFT.

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