OG Ethereum ERC-404 Token PANDORA RISES AGAIN, WHAT'S BEHIND IT?
PANDORA is the first Token to use Ethereum's ERC-404 Token standard and is continuing to evolve after a few weeks of slowdown. The Token's price rose sharply over the weekend, rising about 50% to break through $24,000 again. This recovery is triggered by Long factors, so here they are.
The most obvious reason for the increase in the price of PANDORA over the weekend can be traced back to the large activity of whales. The on-chain data-tracking website flagged a large number of whale transactions that occurred in the days leading up to the price spike.
The first whale accumulation occurred on Feb. 20, reporting that one Whale had spent $4.89 million on 244.24 PANDORA Tokens. The buying spree lasted for several days, and by the time the Whale was done, their average entry price was $20,044.
A FEW DAYS LATER, ON FEBRUARY 23, THE ON-CHAIN TRACKING PLATFORM REPORTED THAT ANOTHER WHALE WAS PLAYING PANDORA. This time, the new whale spent $1.37 million to buy 71.45 PANDORA Tokens at an average price of $19,268.
Together, these whales received just over $6 million worth of tokens. When the price finally reached $24,000, the profit margin for the first Whale was close to $1 million, while the profit for the second Whale was over $330,000.
Another factor driving PANDORA's price up this week was the Airdrop incentives announced for PANDORA holders. Monarch is also a project based on Ethereum's ERC-404 Token standard, which announced in early February that it would grant Tokens to PANDORA investors.
A total of 5% of the Token supply was announced to be distributed to PANDORA holders as an Airdrop. This incentive, coupled with PANDORA's announcement of its readiness to release the latest version of the ERC-404 Token standard, created demand for the Token.
OVER THE WEEKEND, THE PRICE OF PANDORA ROSE FROM AROUND $16,000 TO A 50% RISE IN A SINGLE DAY, BREAKING ABOVE THE $24,000 LEVEL. However, this high price level is unlikely to last long, as there will be a sharp sell-off on February 23, apparently triggered by Whale sell-offs of their holdings.
On the last day, the Token price continued to Fluctuation between $16,000 and $17,000. According to the data, the AltCoin is currently trading at $17,139, down 5% on the last day.
(Source: Best Owie)