PANDORA, the first token to use the Ethereum ERC-404 token standard, recently experienced a significant price surge, rising around 50% to clear $24,000. Several factors contributed to this rally.
Whale Activity
Significant whale activity was observed in the days leading up to the price surge. On February 20, a whale spent $4.89 million to purchase 244.24 PANDORA tokens, and on February 23, another whale spent $1.37 million to buy 71.45 PANDORA tokens. These whales collectively bought over $6 million worth of tokens, contributing to the price increase.
Airdrop Incentives
Another factor driving the price increase was the announcement of airdrops for PANDORA holders. Monarch, a project built on the same token standard, announced that it would be awarding tokens to PANDORA investors. This incentive, coupled with the upcoming release of the latest iteration of the ERC-404 token standard, created demand for the token.
Price Fluctuations
During the weekend, PANDORA’s price surged from around $16,000 to $24,000 in a single day. However, this high price level was short-lived, as a sharp dump followed on February 23, possibly triggered by whales selling their holdings. Since then, the price has fluctuated between $16,000 and $17,000.
Current Market Position
At the time of writing, PANDORA is trading at $17,139, with 5% losses in the last day. The token’s price remains volatile, influenced by whale activity, incentives, and market sentiment.
