OG Ethereum ERC-404 Token PANDORA Is Rallying Again, What’s Behind It?
February 26 2024 - 6:00PM
NEWSBTC
PANDORA, the first token to use the Ethereum ERC-404 token
standard, 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. Whales Set Their Sights
On PANDORA 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. Related Reading: The Polygon Vesting
Contract Is Officially Empty, Will This Send MATIC Price To $3? 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. A giant whale spent 4.89M $USDC to buy 244.24
#PANDORA at an average price of $20,044 on Feb 13, Feb 14 and
today.https://t.co/DR58pEXN5j pic.twitter.com/c7Q3sM6ksO —
Lookonchain (@lookonchain) February 20, 2024 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. Another whale is buying #PANDORA, having
spent 1.37M $USDC to buy 71.45 #PANDORA at an average price of
$19,268 so far.https://t.co/o1z3c6EfLrhttps://t.co/NMzLjtdMqm
pic.twitter.com/j0mGVsMik5 — Lookonchain (@lookonchain) February
23, 2024 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. Price rose above
$24,000 during the weekend | Source: PANDORA/USDT on
Tradingview.com First Set Of Incentives Land For Holders 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 announced to be allocated as an airdrop for PANDORA
holders. This incentive, coupled with the fact that PANDORA
announced that it is gearing up to release the latest iteration of
the ERC-404 token standard, created demand for the token. Related
Reading: Bitcoin Fisher Transform Reaches Critical Level Not Seen
Since 2021, What This Means 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 data from Dexscreener. Follow Best Owie
on X (formerly Twitter) for market insights, updates, and the
occasional funny tweet… Featured image from Binance, chart from
TradingView.com
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