PANDORA, the first token to use the Ethereum ERC-404 token standard, is on the move after slowing down for a few weeks. The token’s price saw a significant surge over the weekend, rising around 50% to clear $24,000 once more. This recovery was triggered by a number of factors, so here they are.

Whales Set Their Sights On PANDORA

The most obvious reason behind the price push recorded for PANDORA over the weekend can be traced back to significant whale activity. On-chain data tracking website Lookonchain, flagged a number of whale transactions that took place in the days leading up to the price surge.

The first whale accumulation was seen on February 20, when Lookonchain reported that a single whale had spent $4.89 million to purchase 244.24 PANDORA tokens. The buying spree took place over a number of days, and by the time the whale was done, they had an average entry price of $20,044.

A giant whale spent 4.89M $USDC to buy 244.24 #PANDORA at an average price of $20,044 on Feb 13, Feb 14 and today.https://t.co/DR58pEXN5j pic.twitter.com/c7Q3sM6ksO

— Lookonchain (@lookonchain) February 20, 2024

A couple of days later on February 23, the on-chain tracking platform reported that another whale was making their PANDORA play. This time around, the new whale spent $1.37 million buying 71.45 PANDORA tokens at an average price of $19,268.

Another whale is buying #PANDORA, having spent 1.37M $USDC to buy 71.45 #PANDORA at an average price of $19,268 so far.https://t.co/o1z3c6EfLrhttps://t.co/NMzLjtdMqm pic.twitter.com/j0mGVsMik5

— Lookonchain (@lookonchain) February 23, 2024

Together, these whales scooped up a little over $6 million worth of tokens. When the price eventually hit $24,000, the first whale saw profit margins of almost $1 million, while the second whale was sitting on a profit of over $330,000.

First Set Of Incentives Land For Holders

Another factor that has helped push the price of PANDORA over the week is incentives in the form of airdrops being announced for PANDORA holders. Monarch, a project also built on the Ethereum ERC-404 token standard, announced earlier in February that it would be awarding tokens to PANDORA investors.

A total of 5% of the token supply was announced to be allocated as an airdrop for PANDORA holders. This incentive, coupled with the fact that PANDORA announced that it is gearing up to release the latest iteration of the ERC-404 token standard, created demand for the token.

PANDORA Token Performance

During the weekend, the PANDORA price went from trending around $16,000 to rising 50% in one day to clear the $24,000 level. However, this high price level could not be sustained for long as a sharp dump would follow on February 23, apparently triggered by whales dumping their holdings.

In the last day, the price of the token has continued to fluctuate between $16,000 and $17,000. As of the time of writing, the altcoin is trading at $17,139, with 5% losses in the last day, according to data from Dexscreener.

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Filed under: Bitcoin - @ February 26, 2024 11:00 pm