The transaction volume of the new Ethereum standard ERC-404 token reaches $70 million

The volume of non-fungible token (NFT) transactions of the new Pandora token (PANDORA) exceeds $70 million.

According to Cryptoslam, Pandora ERC-404 NFT transaction volume has surpassed $70 million in the past seven days, up 500% to $71.28 million in a week.

Source: Cryptoslam

The number of Pandora owners currently stands at 1,217, up 75% in the last seven days. However, the average waiting time remains around 0.11 days, which may indicate the speculative nature of the transactions.

PANDORA’s price has also shown positive momentum over the past week, with the token’s price rising 126% to $21,220 at the time of writing. Since its launch on February 5, the price of the coin has increased by more than 400%. Over the past week, PANDORA has climbed above the USD 32,800 level.

Source: CoinMaketCap

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Lookonchain analysts also note that whales have been buying PANDORA over the past two days. In one case, a trader spent 3.09 million USD Coin (USDC) to buy 136.08 PANDORA for $22,707. Address 0xcdba became the second largest holder of the token.

Another unknown trader spent 1.87 million USDC to buy 109.5 PANDORA for $17,087. This trader became the fourth largest holder of the token.

Pandora tokens are fractionally pegged to the entire NFT: they can be traded on decentralized exchanges such as ERC-20 assets, making the NFT as liquid as a regular trading pair on decentralized exchanges (DEXs).

For example, 10,000 ERC-404 Pandora tokens are tied to 10,000 NFT boxes of varying rarity levels. When someone buys a coin, the project will mint a random box associated with that token. If sold, Pandora will burn the associated NFT.

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