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.

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.

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.

Source: CoinMaketCap

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

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.

You might also like: Experimental Ethereum ERC-404 standard spurs competitor