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Over the past 24 hours, there has been intense selling pressure on all ERC 404 cryptocurrency tokens, causing a 25% decline. Based on statistics from CoinGecko, the industry has lost a total of $60 million in market capitalization.
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Pandora, the ERC 404 Token, Leads the Market Decline
Important tokens such as PANDORA saw a substantial decrease of more than 24%, DEFROG had a 26% decline, and RUG saw a 31% decline. One of the more well-known ERC 404 tokens, PANDORA, had a decline after a week of sharp rises. The coin has increased by around 800% in the last seven days, and as of the time of publishing, it was worth $16,198.
Unlike traditional token protocols, the ERC 404 token standard provides a dual structure that combines the features of fungible and non-fungible tokens. This token standard meets the needs of particular applications.
Because of this special feature, ERC 404 tokens are incredibly versatile and may be easily adapted to a wide range of asset kinds and utility scenarios. This revolutionary technique facilitates token interoperability by combining fungibility and non-fungibility, opening the door for new token economy models and applications.
One important benefit of the ERC 404 standard is its ability to increase non-fungible token (NFT) liquidity. ERC-404 allows for the subdivision of NFTs through fractionalization, allowing multiple people to hold fractions of digital items. The liquidity and usefulness of NFTs are greatly increased by this fractional ownership, which allows them to be staked, sold on decentralized exchanges like as Uniswap, and used as security for loans of bitcoin
The first token to be released using the experimental ERC 404 standard was Pandora. The launch was met with swift support from multiple platforms, such as Blur, OKX, and OpenSea marketplaces. Additionally, support for Pandora was announced by Wasabi Protocol lending protocols, Bitget Wallet, and Teller. Furthermore, Pandora's listing was announced by the controlled exchange LBank.
DEFROGS also saw significant rise, attracting the attention of analysts who saw a trader make almost $166,000 in just two days. The DeFrogs token was purchased for 0.258 ETH ($613), resulting in this astounding profit.
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Trading the $MINER Token, a trader mints $59K.
In an incredible display of trading skill, an astute investor turned only one Ethereum (worth $2,507) into an incredible $59,000 profit in just eleven days. The trader utilized high gas fees to optimize profits by purchasing and selling the ERC 404 token $MINER, as revealed by LookonChain.
The trader started off by taking one Ethereum off of the Binance exchange. They used just 0.802 Ethereum (or around $2,010) in gas to purchase 1073 units of $MINER at a significant discount, with 0.065 Ethereum (or $163) going toward transaction costs.
Capitalizing on the market dynamics, the trader instantly sold 722 $MINER coins, pocketing a tidy sum of 19.11 Ethereum. The gas fee for this transaction was 0.5 Ethereum, or $1,244.
With 350 $MINER tokens worth $15,000 in their possession at the moment, the trader has made almost $59,000 overall from this incredibly quick trade.