ERC-404 token sector experiences a sharp decline following rapid surge
The ERC-404 token sector has witnessed a remarkable decrease in value after a week of exponential growth. Coingecko reports that the total market capitalization of the sector has plummeted by 33% within the last 24 hours, now standing at $163 million. Several prominent tokens, including PANDORA, DEFROG, and RUG, have suffered significant drops of 24%, 26%, and 31% respectively.
PANDORA, a widely popular ERC-404 token, was particularly affected by this downturn as it experienced a remarkable surge prior to the decline. Its price had escalated by nearly 800% over the past seven days, reaching $14,743 at the time of writing.
PANDORA is notable as the inaugural token created using the experimental ERC-404 standard. It combines elements of ERC-20 and ERC-721, allowing for the automatic appearance of an NFT in the user’s wallet upon token purchase. Its rapid success attracted the support of major marketplaces such as OKX, Blur, and OpenSea. Additionally, prominent players in the crypto industry, including Bitget Wallet, Teller, Wasabi Protocol, and LBank, announced their endorsement and listing of PANDORA.
DEFROGS also witnessed remarkable growth during this period, with one trader earning an impressive $166,000 in just two days by investing 0.258 ETH ($613) in the acquisition of DeFrogs tokens.
Stay informed with the latest developments in the crypto world: New Ethereum standard ERC-404 gains traction, leading to a staggering 12,000% surge in the value of its first token within a matter of days.
(Source: Coingecko)