A cryptocurrency trader has profited more than a million dollars from a less than $100,000 purchase of the just launched Pandora (PANDORA) token.
According to a tweet by market analytics platform LookOnChain, the trader’s purchase recorded gains after two days.
The price of #Pandora, the first token built on the #ERC404 token standard, has now risen to over $8,600.
A trader has made a total profit of ~$1.2M on #Pandora in just 2 days!
The trader spent 97,484 $USDT to buy 154 #Pandora at $633 2 days ago and sold 25 #Pandora for 188,695… pic.twitter.com/407fCIlcx1
— Lookonchain (@lookonchain) February 6, 2024
From $97K to $1.2M
Two days ago, a trader with wallet address 0xbC150 spent $97,484 Tether (USDT) to buy 154 PANDORA at $633 each. The stash is worth roughly $1.24 million at the crypto token’s current price.
Earlier today, the trader sold 25 PANDORA at $7,548 each for $188,695 USDT, realizing a profit of $91,211 USDT. With 129 PANDORA worth approximately $1.1 million left in their wallet, they still have an unrealized profit of that exact amount, according to current prices.
Data from CoinMarketCap showed PANDORA changing hands at $7,955 by press time, 88.5% up in the past 24 hours. With a circulating supply of 8,000 PANDORA and a market cap hovering around $58 million, the token has seen remarkable growth since its release. The asset recorded an all-time high of $8,705 earlier today and has fallen 16% from that peak.
The First ERC404 Token
Pandora is the first token of the ERC404 standard, combining features of ERC20 and ERC721 assets. ERC404 is a new and experimental standard in the crypto space, blending characteristics of ERC20 and ERC721 tokens to achieve uniqueness, allowing new possibilities in decentralized finance (DeFi) and non-fungible tokens.
The hybridization of ERC404 blends the liquidity and fractionalization capabilities of the well-established protocols to unlock new mechanisms for interaction, trading, and ownership in DeFi. By employing a technique called pathing, the token standard enables the coexistence of token amount data and identifiers in a unified framework.
As an experimental standard, ERC404 is still in the early stages of adoption and is subject to evaluations for robustness and reliability. While PANDORA’s remarkable surge indicates potential confidence in the ERC404 token standard, it is worth noting that the asset remains susceptible to steep declines.
Meanwhile, trader 0xbC150’s experience is similar to that of a memecoin investor who made $3.3 million in two days with a $12,000 ether investment by purchasing 9.5 trillion PepeFork (PORK) tokens.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
The post appeared first on CryptoPotato
