The ERC-404 Token Sector Experiences a Sharp Decline
The ERC-404 token sector has undergone a substantial decline following a week of rapid growth. According to Coingecko, the total market capitalization of the sector has fallen by 33% to $163 million within the last 24 hours. Notable tokens like PANDORA, DEFROG, and RUG have experienced significant drops of 24%, 26%, and 31%, respectively.
PANDORA’s Price Plummets After Impressive Surge
One of the most popular ERC-404 tokens, PANDORA, has seen its price plummet after an impressive week-long surge. The coin’s value had increased by almost 800% over the past seven days, reaching $14,743 at the time of writing.
Pandora: The First Token Issued on the Experimental ERC-404 Standard
Pandora holds the distinction of being the first token issued based on the experimental ERC-404 standard. It combines elements of both ERC-20 and ERC-721, allowing for the automatic appearance of an NFT in a user’s wallet upon purchasing the token. Marketplaces such as OKX, Blur, and OpenSea have announced their support for Pandora, along with Bitget Wallet and lending protocols like Teller and Wasabi Protocol. Additionally, the centralized exchange LBank has listed PANDORA.
DEFROGS Shows Significant Growth
DEFROGS has also experienced noteworthy growth, as one trader managed to earn over $166,000 in just two days by investing 0.258 ETH ($613) in purchasing DeFrogs tokens.
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