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.
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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.
