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ERC-404 sector collapses by 33% after rapid surge

erc-404-sector-collapses-by-33-after-rapid-surge
Edited by
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ERC-404 sector collapses by 33% after rapid surge

The ERC-404 token sector is recording a significant decline after a week of rapid growth.

According to Coingecko, the ERC-404 sector has significantly declined in the last 24 hours, with total market capitalization falling 33% to $163 million. Key tokens such as PANDORA have fallen over 24%, while DEFROG has declined 26%, and RUG in the red 31%.

ERC-404 sector collapses by 33% after rapid surge - 1
Source: Coingecko

PANDORA, one of the most popular ERC-404 tokens, sank after a week of rapid growth. Over the past seven days, the coin has risen in price by almost 800%, to $14,743 at the time of writing.

ERC-404 sector collapses by 33% after rapid surge - 2
Source: Coingecko

Pandora is the first token issued based on the experimental ERC-404 standard. It is a mixed implementation of ERC-20/ERC-721, where an NFT automatically appears in the wallet after token purchase. Within a few days, OKX, Blur, and OpenSea marketplaces announced their support, Bitget Wallet, and even the Teller and Wasabi Protocol lending protocols. The centralized exchange LBank also announced the listing of PANDORA.

DEFROGS also saw significant growth, with analysts noticing that one trader earned more than $166,000 in two days by spending 0.258 ETH ($613) to purchase the DeFrogs token.