OG Ethereum ERC-404 Token PANDORA Is Rallying Again, What’s Behind It?

PANDORA, the first token to use the Ethereum ERC-404 token standard, is on the transfer after slowing down for a couple of weeks. The token’s worth noticed a major surge over the weekend, rising round 50% to clear $24,000 as soon as extra. This restoration was triggered by a variety of elements, so right here they’re.

Whales Set Their Sights On PANDORA

The obvious cause behind the worth push recorded for PANDORA over the weekend will be traced again to vital whale exercise. On-chain information monitoring web site Lookonchain, flagged a variety of whale transactions that occurred within the days main as much as the worth surge.

The primary whale accumulation was seen on February 20, when Lookonchain reported {that a} single whale had spent $4.89 million to buy 244.24 PANDORA tokens. The shopping for spree occurred over a variety of days, and by the point the whale was executed, they’d a median entry worth of $20,044.

A large whale spent 4.89M $USDC to purchase 244.24 #PANDORA at a median worth of $20,044 on Feb 13, Feb 14 and at present.https://t.co/DR58pEXN5j pic.twitter.com/c7Q3sM6ksO

— Lookonchain (@lookonchain) February 20, 2024

A few days afterward February 23, the on-chain monitoring platform reported that one other whale was making their PANDORA play. This time round, the brand new whale spent $1.37 million shopping for 71.45 PANDORA tokens at a median worth of $19,268.

One other whale is shopping for #PANDORA, having spent 1.37M $USDC to purchase 71.45 #PANDORA at a median worth of $19,268 to this point.https://t.co/o1z3c6EfLrhttps://t.co/NMzLjtdMqm pic.twitter.com/j0mGVsMik5

— Lookonchain (@lookonchain) February 23, 2024

Collectively, these whales scooped up somewhat over $6 million value of tokens. When the worth ultimately hit $24,000, the primary whale noticed revenue margins of just about $1 million, whereas the second whale was sitting on a revenue of over $330,000.

Worth rose above $24,000 throughout the weekend | Supply: PANDORA/USDT on Tradingview.com

First Set Of Incentives Land For Holders

One other issue that has helped push the worth of PANDORA over the week is incentives within the type of airdrops being introduced for PANDORA holders. Monarch, a challenge additionally constructed on the Ethereum ERC-404 token normal, introduced earlier in February that it could be awarding tokens to PANDORA traders.

A complete of 5% of the token provide was announced to be allotted as an airdrop for PANDORA holders. This incentive, coupled with the truth that PANDORA announced that it’s gearing as much as launch the newest iteration of the ERC-404 token normal, created demand for the token.

PANDORA Token Efficiency

Through the weekend, the PANDORA worth went from trending round $16,000 to rising 50% in someday to clear the $24,000 degree. Nonetheless, this excessive worth degree couldn’t be sustained for lengthy as a pointy dump would observe on February 23, apparently triggered by whales dumping their holdings.

Within the final day, the worth of the token has continued to fluctuate between $16,000 and $17,000. As of the time of writing, the altcoin is buying and selling at $17,139, with 5% losses within the final day, in keeping with data from Dexscreener.

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