The new Pandora token (PANDORA) has seen a surge in non-fungible token (NFT) transactions, surpassing $70 million in volume according to Cryptoslam. Over the past seven days, the Pandora ERC-404 NFT transaction volume has spiked by 500%, reaching $71.28 million.
With 1,217 Pandora owners currently, marking a 75% increase in the last week, the average hold remains at approximately 0.11 days. This suggests a speculative nature to the transactions.
PANDORA has displayed positive price movements in the past week, with the token increasing by 126% to $21,220 at the time of reporting. Since its launch on Feb. 5, the coin’s price has surged by more than 400%, exceeding the $32,800 mark in the last week.
Lookonchain analysts have observed whales acquiring PANDORA over the past two days. One trader spent 3.09 million USDC to purchase 136.08 PANDORA tokens at $22,707, becoming the second-largest holder with address 0xcdba. Another trader spent 1.87 million USDC on 109.5 PANDORA tokens at $17,087, becoming the fourth-largest holder.
Pandora tokens are fractionally pegged to NFTs, allowing them to be traded on decentralized exchanges like ERC-20 assets, enhancing the liquidity of the NFT as a regular trading pair on DEXs. For instance, 10,000 ERC-404 Pandora tokens correspond to 10,000 NFT boxes of varying rarity levels. When a coin is purchased, the project mints a random box linked to that token, and if sold, Pandora burns the associated NFT.