Pandora: A New Sensation in the Crypto Market
Pandora, an unofficial ERC-404 standard, has quickly gained popularity since its launch. Within a week, its fully diluted valuation exceeded $320 million, with a trading volume of 73,024 ETH (approximately $190 million).
The current price of Pandora is above $21,000, experiencing a 32% drop from its all-time high. According to a Nansen report, there are 1,420 distinct owner wallets holding at least one complete token.
Pandora’s Diamond Hands Dominate
Despite the price fluctuations, Pandora holders are holding onto their tokens. Half of the available NFTs are held by “diamond hands” wallets that have not sold since acquiring the tokens. This is an impressive retention rate compared to other NFT collections.
Unlike established NFT collections, Pandora’s trading volume remains largely unaffected by NFT-only transactions. Most transactions occur during decentralized exchange (DEX) trades.
The recent surge in mint volume indicates growing acceptance of native liquidity for hybrid token standards. Since Pandora’s debut, 15 projects have utilized the ERC404 token standard.
Whale Activity Spotted
An analysis by Lookonchain reveals significant whale activity in Pandora over the past two days. One whale address invested $3.09 million USDC to acquire 136.08 Pandora tokens, becoming the second-largest holder. Another whale spent $1.87 million USDC on 109.5 Pandora tokens and ranks as the fourth-largest holder.
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