Ethereum

Pandora

DeFrogs

Amidst the bullish momentum across the cryptocurrency industry, there has been a notable downturn in the ERC-404 sector. According to Coingecko, in the last 24 hours, the market cap of the <a href="https://news.todayq.com/erc-404-tokens-and-ethereums-future/">ERC-404 sector</a> experienced a substantial decline of around 30%. Why did the ERC-404 token plunge?&nbsp; 
One of the most popular ERC-404 tokens, Pandora, witnessed a price drop of over 24% in the same period. In contrast, other ERC-404 tokens like Defrogs and Rug also experienced significant declines of around 26% and 30%, respectively. These ERC-404 tokens have been consistently falling for the last four days, and the primary reason behind this major decline in bullish market sentiment is the ongoing development of the ERC-404 token standard. 
For clarification, ERC-404 is an experimental and unofficial token standard on Ethereum that combines features of both ERC-20 and ERC-721, not yet part of the Ethereum Improvement Proposals (EIP) standard category. The primary objective of merging these features is to enable the creation of a “semi-fungible” token. 
If we examine the performance of ERC-404 tokens, a few have gained substantial popularity in the past few days, including Pandora, DeFrogs, and Monkees. Currently, Pandora is trading near $15,400, and in the last 24 hours, it experienced a downside momentum of over 24%. Looking at Pandora over a longer period, in the last 7 days, it underwent a price surge of over 266%, although this surge has decreased in the last four days. 
On the other hand, DeFrogs, another ERC-404 token, is currently trading near $1,200, with its price declining by over 20% in the last 24 hours. Over a longer period, in the last 7 days, DeFrogs experienced a downside momentum of over 24%.&nbsp; Technical analysis of Pandora and ERC-404 tokens 
According to expert technical analysis, Pandora and DeFrogs tokens, recently listed, garnered significant attention from the cryptocurrency landscape. Being ERC-404 tokens, during their initial listing days, they experienced substantial price surges of over 3900% and 3700%, respectively. 
If we examine Pandora’s daily time frame chart, it is observed that its current price level is at the Fibonacci golden level ratio of 0.38. In the coming days, if Pandora’s daily time frame breaches its support and closes below $12,800, a considerable price fall in Pandora may be expected. Source: TradingView 
Meanwhile, for DeFrogs, its daily time frame chart already indicates trading below its Fibonacci level of 0.38, suggesting a potential further decline in the coming days. However, the decline in the price of ERC-404 tokens might persist as long as they remain unofficial. 
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Is ERC-404 hype over? Pandora and others see sharp falls

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