PANDORA Token Surges 50% as Whales Accumulate
PANDORA, the first token to use the Ethereum ERC-404 token standard, has experienced a significant surge in price over the weekend. The tokenโs price rose by approximately 50%, reaching $24,000 once again. This surge can be attributed to several factors:
Whale Activity Drives Price Push
The main reason behind PANDORAโs price push is the notable activity of whales in the market. On-chain data tracking website Lookonchain identified a series of whale transactions that took place prior to the price surge.
- A single whale spent $4.89 million to purchase 244.24 PANDORA tokens at an average entry price of $20,044 on February 20.
- Another whale spent $1.37 million buying 71.45 PANDORA tokens at an average price of $19,268 on February 23.
In total, these whales acquired over $6 million worth of tokens. When the price reached $24,000, the first whale saw profits of nearly $1 million, while the second whale gained over $330,000 in profit.
Incentives for Holders Boost Demand
An additional factor contributing to the rise in PANDORAโs price is the announcement of incentives for token holders. Monarch, a project also built on the Ethereum ERC-404 token standard, revealed that it would be distributing tokens to PANDORA investors. A total of 5% of the token supply was allocated for this airdrop.
This incentive, combined with PANDORAโs upcoming release of the latest iteration of the ERC-404 token standard, created demand for the token among investors.
PANDORA Token Performance
After trending around $16,000, the price of PANDORA surged by 50% in a single day to reach $24,000. However, this high price level was short-lived as whales began dumping their holdings on February 23, causing a sharp decline in price.
Currently, the token is trading at $17,139 with a 5% loss in the last day, according to data from Dexscreener.
Hot Take: Whatโs Next for PANDORA?
PANDORAโs recent surge in price demonstrates its potential for growth and investor interest. As whales continue to accumulate tokens and incentives are offered to holders, the demand for PANDORA may increase further. However, itโs important to monitor market trends and whale activity to gauge the tokenโs future performance. Keep an eye on developments related to the ERC-404 token standard and any additional announcements from PANDORA that could impact its price.
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