The ERC-404 token industry is experiencing a notable downturn following a week of rapid expansion.
As per Coingecko, the ERC-404 sector has seen a substantial decrease in the past 24 hours, with the total market capitalization dropping by 33% to $163 million. Major tokens like PANDORA have plummeted by over 24%, DEFROG has fallen by 26%, and RUG is down by 31%.
PANDORA, a prominent ERC-404 token, has taken a hit after a period of rapid growth. In the last seven days, the token has surged in value by nearly 800%, reaching $14,743 at the current moment.
PANDORA is the pioneer token created based on the experimental ERC-404 standard. It combines elements of ERC-20/ERC-721, allowing an NFT to automatically appear in the wallet after token purchase. Within a short span, OKX, Blur, and OpenSea marketplaces have declared their support, alongside Bitget Wallet and lending protocols like Teller and Wasabi Protocol. The centralized exchange LBank has also announced the listing of PANDORA.
DEFROGS have also experienced significant growth, with analysts observing that one trader made over $166,000 in just two days by investing 0.258 ETH ($613) to acquire the DeFrogs token.
For more updates, check out the latest news on the rise of the new Ethereum standard ERC-404 and the impressive surge of the first token by 12,000% in a matter of days.
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