Pandora, an unofficial ERC-404 standard, has become the latest sensation since its launch on February 2nd. In just a week, this new Ethereum token’s fully diluted valuation surged above $320 million while its total trading volume climbed 73,024 ETH, which is worth around $190 million.

Currently, Pandora’s price stands at above $21,000, marking a 32% decline from its all-time high. According to the latest Nansen report shared with CryptoPotato, 1,420 distinct owner wallets are holding at least one complete token.

Pandora’s Diamond Hands Dominate

Despite the soaring price, Pandora holders do not appear to be offloading their tokens any time soon.

Out of the 5,681 NFTs or complete tokens available, half are securely held by “diamond hands” wallets – those that have retained their tokens since the initial acquisition without selling. This retention rate, referred to as the “diamond-hand” percentage, is notably impressive for a new project, as per Nansen’s observation.

In comparison to established NFT collections like Pudgy Penguins, boasting a retention rate of 53%, and Bored Ape Yacht Club at 44%, Pandora reportedly demonstrates “a strong holding pattern among its investors.”

Upon looking at NFT-only transactions in the last 30 days, the trading volume of Blur and OpenSea remained largely unaffected. In fact, the bulk of ERC404 transactions were observed to be decentralized exchange (DEX) trades.

Transactions on the ERC404 network occur primarily during DEX trades when either a single complete token or multiple complete coins are purchased. As a result, there was a significant surge in mint volume last week, surpassing $344 million.

According to Nansen’s findings, since Pandora’s debut, 15 projects have been introduced utilizing the novel ERC404 “token standard,” alongside technical enhancements such as ERC404+ and DN404.

This trend suggests that both the industry and market participants have embraced the idea 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.

Whale Activity Spotted

Prominent on-chain analytical firm Lookonchain’s analysis of Pandora revealed significant whale activity over the past two days.

Whales have been buying #PANDORA in the past 2 days! 0xcdba spent 3.09M $USDC to buy 136.08 #PANDORA at $22,707, becoming the 2nd holder of #PANDORA. 0x6fCa spent 1.87M $USDC to buy 109.5 #PANDORA at $17,087, becoming the 4th holder of #PANDORA. pic.twitter.com/fe6UV5m5jd — Lookonchain (@lookonchain) February 14, 2024

A whale address, “0xcdba,” reportedly invested $3.09 million USDC to acquire 136.08 Pandora tokens at $22,707, securing the position as the second-largest holder. Similarly, another whale, “0x6fCa,” spent $1.87 million USDC on 109.5 Pandora tokens at $17,087, ranking as the fourth-largest holder.