According to CryptoPotato, Pandora, an unofficial ERC-404 standard, has gained significant attention since its launch on February 2nd. The new Ethereum token's fully diluted valuation has risen above $320 million, and its total trading volume has increased to 73,024 ETH, worth approximately $190 million. Currently, Pandora's price is above $21,000, a 32% drop from its all-time high. A recent Nansen report revealed that 1,420 distinct owner wallets hold at least one complete token.
Despite the rising price, Pandora holders do not seem to be selling their tokens. Out of the 5,681 NFTs or complete tokens available, half are securely held by "diamond hands" wallets – those that have kept their tokens since the initial acquisition without selling. This retention rate, known as the "diamond-hand" percentage, is notably impressive for a new project, according to Nansen. Compared to established NFT collections like Pudgy Penguins, with a retention rate of 53%, and Bored Ape Yacht Club at 44%, Pandora reportedly shows "a strong holding pattern among its investors."
Since Pandora's debut, 15 projects have been introduced using the novel ERC404 "token standard," along with technical enhancements such as ERC404+ and DN404. This trend indicates that both the industry and market participants have embraced the concept of native liquidity for hybrid token standards. Three of these projects, including Pandora, have traded more than 10,000 ETH in volume, while another 12 projects have traded over 1,000 ETH in volume since their inception. On-chain analytical firm Lookonchain's analysis of Pandora revealed significant whale activity over the past two days. A whale address, "0xcdba," reportedly invested $3.09 million USDC to acquire 136.08 Pandora tokens at $22,707, becoming the second-largest holder. Another whale, "0x6fCa," spent $1.87 million USDC on 109.5 Pandora tokens at $17,087, ranking as the fourth-largest holder.