Ethereum

Token

2024

PANDORA, <a href="https://bitcoinist.com/ethereum-erc-404-tokens-leaders/" rel="nofollow">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’s 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. 
<h2 class="p2" id="whales-set-their-sights-on-pandora">Whales Set Their Sights On PANDORA</h2> 
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. 
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 $20,044. 
<blockquote class="twitter-tweet"> 
 A giant whale spent 4.89M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$USDC</a> to buy 244.24 <a href="https://twitter.com/hashtag/PANDORA?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#PANDORA</a> at an average price of $20,044 on Feb 13, Feb 14 and today.<a href="https://t.co/DR58pEXN5j" rel="nofollow">https://t.co/DR58pEXN5j</a> <a href="https://t.co/c7Q3sM6ksO" rel="nofollow">pic.twitter.com/c7Q3sM6ksO</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1759951656450715849?ref_src=twsrc%5Etfw" rel="nofollow">February 20, 2024</a>
</blockquote> 
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 $19,268. 
<blockquote class="twitter-tweet"> 
 Another whale is buying <a href="https://twitter.com/hashtag/PANDORA?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#PANDORA</a>, having spent 1.37M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$USDC</a> to buy 71.45 <a href="https://twitter.com/hashtag/PANDORA?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#PANDORA</a> at an average price of $19,268 so far.<a href="https://t.co/o1z3c6EfLr" rel="nofollow">https://t.co/o1z3c6EfLr</a><a href="https://t.co/NMzLjtdMqm" rel="nofollow">https://t.co/NMzLjtdMqm</a> <a href="https://t.co/j0mGVsMik5" rel="nofollow">pic.twitter.com/j0mGVsMik5</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1760968646464307619?ref_src=twsrc%5Etfw" rel="nofollow">February 23, 2024</a>
</blockquote> 
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. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/bNAA5oei/" alt="PANDORA price chart from Tradingview.com (Ethereum ERC-404 token) " width="3286" height="1530"> 
<h2 class="p2" id="first-set-of-incentives-land-for-holders">First Set Of Incentives Land For Holders</h2> 
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. 
A total of 5% of the token supply was <a href="https://x.com/Pandora_ERC404/status/1755639057537778011?s=20" rel="nofollow">announced</a> to be allocated as an airdrop for PANDORA holders. This incentive, coupled with the fact that PANDORA <a href="https://x.com/Pandora_ERC404/status/1761544794621264167?s=20" rel="nofollow">announced</a> that it is gearing up to release the latest iteration of the ERC-404 token standard, created demand for the token. PANDORA Token Performance 
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. 
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 <a href="https://dexscreener.com/ethereum/0x1df4c6e36d61416813b42fe32724ef11e363eddc" rel="nofollow">data</a> from Dexscreener.

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

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