{"id":36465,"date":"2024-02-26T23:53:08","date_gmt":"2024-02-27T03:53:08","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=36465"},"modified":"2024-02-26T23:53:08","modified_gmt":"2024-02-27T03:53:08","slug":"og-ethereum-erc-404-token-pandora-is-rallying-again-whats-behind-it","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/26\/og-ethereum-erc-404-token-pandora-is-rallying-again-whats-behind-it\/","title":{"rendered":"OG Ethereum ERC-404 Token PANDORA Is Rallying Again, What\u2019s Behind It?"},"content":{"rendered":"

PANDORA, the first token to use the Ethereum ERC-404 token standard<\/a>, is on the move after slowing down for a few weeks. The token\u2019s price saw a significant surge over the weekend, rising around 50% to clear $24,000 once more. This recovery was triggered by a number of factors, so here they are.<\/p>\n

Whales Set Their Sights On PANDORA<\/h2>\n

The most obvious reason behind the price push recorded for PANDORA over the weekend can be traced back to significant whale activity. On-chain data tracking website Lookonchain, flagged a number of whale transactions that took place in the days leading up to the price surge.<\/p>\n

The first whale accumulation was seen on February 20, when Lookonchain reported that a single whale had spent $4.89 million to purchase 244.24 PANDORA tokens. The buying spree took place over a number of days, and by the time the whale was done, they had an average entry price of $20,044.<\/p>\n

A giant whale spent 4.89M $USDC<\/a> to buy 244.24 #PANDORA<\/a> at an average price of $20,044 on Feb 13, Feb 14 and today.https:\/\/t.co\/DR58pEXN5j<\/a> pic.twitter.com\/c7Q3sM6ksO<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) February 20, 2024<\/a><\/p>\n

A couple of days later on February 23, the on-chain tracking platform reported that another whale was making their PANDORA play. This time around, the new whale spent $1.37 million buying 71.45 PANDORA tokens at an average price of $19,268.<\/p>\n

Another whale is buying #PANDORA<\/a>, having spent 1.37M $USDC<\/a> to buy 71.45 #PANDORA<\/a> at an average price of $19,268 so far.https:\/\/t.co\/o1z3c6EfLr<\/a>https:\/\/t.co\/NMzLjtdMqm<\/a> pic.twitter.com\/j0mGVsMik5<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) February 23, 2024<\/a><\/p>\n

Together, these whales scooped up a little over $6 million worth of tokens. When the price eventually hit $24,000, the first whale saw profit margins of almost $1 million, while the second whale was sitting on a profit of over $330,000.<\/p>\n\n

First Set Of Incentives Land For Holders<\/h2>\n

Another factor that has helped push the price of PANDORA over the week is incentives in the form of airdrops being announced for PANDORA holders. Monarch, a project also built on the Ethereum ERC-404 token standard, announced earlier in February that it would be awarding tokens to PANDORA investors.<\/p>\n

A total of 5% of the token supply was announced<\/a> to be allocated as an airdrop for PANDORA holders. This incentive, coupled with the fact that PANDORA announced<\/a> that it is gearing up to release the latest iteration of the ERC-404 token standard, created demand for the token.<\/p>\n

PANDORA Token Performance<\/p>\n

During the weekend, the PANDORA price went from trending around $16,000 to rising 50% in one day to clear the $24,000 level. However, this high price level could not be sustained for long as a sharp dump would follow on February 23, apparently triggered by whales dumping their holdings.<\/p>\n

In the last day, the price of the token has continued to fluctuate between $16,000 and $17,000. As of the time of writing, the altcoin is trading at $17,139, with 5% losses in the last day, according to data<\/a> from Dexscreener.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

PANDORA, the first token to use the Ethereum ERC-404 token standard<\/a>, is on the move after slowing down for a few weeks. The token\u2019s price saw a significant surge over the weekend, rising around 50% to clear $24,000 once more. This recovery was triggered by a number of factors, so here they are.<\/p>\n

Whales Set Their Sights On PANDORA<\/h2>\n

The most obvious reason behind the price push recorded for PANDORA over the weekend can be traced back to significant whale activity. On-chain data tracking website Lookonchain, flagged a number of whale transactions that took place in the days leading up to the price surge.<\/p>\n

The first whale accumulation was seen on February 20, when Lookonchain reported that a single whale had spent $4.89 million to purchase 244.24 PANDORA tokens. The buying spree took place over a number of days, and by the time the whale was done, they had an average entry price of $20,044.<\/p>\n

A giant whale spent 4.89M $USDC<\/a> to buy 244.24 #PANDORA<\/a> at an average price of $20,044 on Feb 13, Feb 14 and today.https:\/\/t.co\/DR58pEXN5j<\/a> pic.twitter.com\/c7Q3sM6ksO<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) February 20, 2024<\/a><\/p>\n

A couple of days later on February 23, the on-chain tracking platform reported that another whale was making their PANDORA play. This time around, the new whale spent $1.37 million buying 71.45 PANDORA tokens at an average price of $19,268.<\/p>\n

Another whale is buying #PANDORA<\/a>, having spent 1.37M $USDC<\/a> to buy 71.45 #PANDORA<\/a> at an average price of $19,268 so far.https:\/\/t.co\/o1z3c6EfLr<\/a>https:\/\/t.co\/NMzLjtdMqm<\/a> pic.twitter.com\/j0mGVsMik5<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) February 23, 2024<\/a><\/p>\n

Together, these whales scooped up a little over $6 million worth of tokens. When the price eventually hit $24,000, the first whale saw profit margins of almost $1 million, while the second whale was sitting on a profit of over $330,000.<\/p>\n

First Set Of Incentives Land For Holders<\/h2>\n

Another factor that has helped push the price of PANDORA over the week is incentives in the form of airdrops being announced for PANDORA holders. Monarch, a project also built on the Ethereum ERC-404 token standard, announced earlier in February that it would be awarding tokens to PANDORA investors.<\/p>\n

A total of 5% of the token supply was announced<\/a> to be allocated as an airdrop for PANDORA holders. This incentive, coupled with the fact that PANDORA announced<\/a> that it is gearing up to release the latest iteration of the ERC-404 token standard, created demand for the token.<\/p>\n

PANDORA Token Performance<\/p>\n

During the weekend, the PANDORA price went from trending around $16,000 to rising 50% in one day to clear the $24,000 level. However, this high price level could not be sustained for long as a sharp dump would follow on February 23, apparently triggered by whales dumping their holdings.<\/p>\n

In the last day, the price of the token has continued to fluctuate between $16,000 and $17,000. As of the time of writing, the altcoin is trading at $17,139, with 5% losses in the last day, according to data<\/a> from Dexscreener.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-36465","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36465","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=36465"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36465\/revisions"}],"predecessor-version":[{"id":36475,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36465\/revisions\/36475"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36465"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}