The Volume of NFT Transactions for Pandora Token Surpasses $70 Million
The non-fungible token (NFT) transactions for the new Pandora token (PANDORA) have reached over $70 million, according to Cryptoslam. In the past seven days, the volume of Pandora ERC-404 NFT transactions has increased by 500% to $71.28 million.
Increasing Number of Owners and Price Surge
The number of Pandora owners has grown by 75% in the last week, reaching 1,217. However, the average holding period remains at approximately 0.11 days, suggesting a speculative nature of the transactions. The price of PANDORA has also experienced positive growth, rising by 126% over the past week to $21,220. Since its launch on February 5th, the coin’s price has surged by more than 400%, surpassing the $32,800 level in the last week.
Whale Purchases and Token Functionality
Whales have been actively buying PANDORA in recent days. One trader spent 3.09 million USDC to acquire 136.08 PANDORA tokens for $22,707, becoming the second-largest holder. Another trader purchased 109.5 PANDORA with 1.87 million USDC at $17,087 and became the fourth-largest holder.
Pandora tokens are fractionally pegged to NFTs and can be traded on decentralized exchanges like ERC-20 assets. This makes the NFT as liquid as a regular trading pair on decentralized exchanges (DEXs). Each Pandora token corresponds to a specific NFT box, which is minted upon purchase and burned if sold.
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