In a lightning-fast play, a savvy trader made a cool $1.2 million profit in just two days by betting on a new cryptocurrency token, Pandora (PANDORA).
The Pandora project developers touts PANDORA as the first token built on ERC404 token standard, an experimental, mixed ERC20/ERC721 implementation with native liquidity and fractionalization. This unique approach enables PANDORA to function as both a fungible token (providing liquidity) and semi-fungible representations of underlying non-fungible tokens (NFTs) within the Pandora collection.
For each PANDORA held, addresses receive one replicant from the corresponding NFT collection, enabling “persistent liquidity and semi-fungibility for all assets within the collection.”
$1.2M Gain in Two Days
According to on-chain analyst Lookonchain, the trade began two days ago when the trader spent 97,484 USDT to buy 154 PANDORA tokens at $633.
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
Fast forward to February 6, the trader sold 25 PANDORA tokens for 188,695 USDT at $7,548, netting a profit of 91,211 USDT. This represents nearly a 2x gain on their investment.
But the story doesn’t end there, though. The trader still holds the remaining 129 PANDORA tokens, valued at around $1.1 million. Adding the 91,211 USDT initial profit to the remaining balance, the trader currently sits on an unrealized profit worth approximately $1.2 million.
Pandora Soars
PANDORA’s highest price on February 6 as of press time reached approximately $8,600. At the time of writing this line, the token was trading at $8,505, representing a 101.44% rise in the last 24 hours. PANDORA’s market cap currently stands at $68 million, according to CoinMarketCap data.
On the other hand, Pandora’s total transaction volume has surpassed 300 ETH while its floor price surged to 4.059 ETH, according to data from OpenSea.
