Over the past 24 hours, TOP Token ERC-404 has seen a complete collapse, down 33%. The total Capital of the ERC-404 industry has come down to just around $163 million this morning, according to data from CoinGecko .
Pandora (PANDORA), a widely recognized ERC-404 Token , recorded a price drop in excess of 24% during the same time period. Similarly, other ERC-404 Token such as DeFrogs and Rug also recorded significant price drops, with drops of around 26% and 30% respectively.
ERC-404 stands as an experimental and unofficial Token Standard in the Ethereum ecosystem. It combines features from the ERC-20 and ERC-721 standards. Currently, it remains outside the Ethereum Improvement Proposals (EIP) standard category. The main goal behind this combination is to facilitate the creation of “semi-unique” Token .
ERC-404 Token offer unprecedented flexibility, allowing them to be suitable for a wide variety of assets and applications. This combination enhances Token interoperability, paving the way for innovative Token economy models and applications.
One notable benefit of the ERC-404 standard is the ability to enhance liquidation for Non-Fungible Tokens (Non-Fungible Token ) . Through its design, ERC-404 allows for the creation of Chia Non Fungible Tokens , allowing for multi-person ownership of digital assets. This feature enhances the liquidation and utility of Non-Fungible Token, expanding their potential applications.
The rise and fall of PANDORA
The Pandora Token (PANDORA), which is a prominent ERC-404 Token , has experienced a significant decline after a period of rapid expansion. Over the past week, the Token has surged nearly 800%, reaching $14,743 at this time.
PANDORA stands as the first Token issued under the experimental ERC-404 standard. Its launch received support from many platforms, including exchanges such as OKX, Blur, OpenSea, Bitget Wallet, Teller, Wasabi Protocol and central exchange LBank.
Analysis of Pandora's daily time chart shows that the current price is at the 0.38 Fibonacci golden ratio. If Pandora price breaks support and closes below $12,800 in the coming days, a significant downturn is possible.
In contrast, another ERC-404 Token DeFrogs is currently trading at around $1,200, seeing a drop of more than 20% over the past 24 hours. Over a broader period, DeFrogs has experienced a decline of more than 24% over the past 7 days.
For DeFrogs, the current daily time chart shows trading below the 0.38 Fibonacci level, suggesting the potential for further declines in the near future. Furthermore, the bearish trend of ERC-404 Token may continue as long as they remain unofficial.
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