Pandora (PANDORA) has been one of the best-performing cryptocurrencies in February so far. In the last 7 days alone, Pandora is up by 282%, outperforming most top cryptocurrencies. Pandora is currently trading at $16,134, with a market capitalization of $129,072,248.
Pandora is a cryptocurrency revolutionizing the market with a new form of NFTs. Known as ERC404, this is a token standard that merges the ERC20 and the ERC721. The idea is that anyone who holds a whole Pandora token also gets an NFT collection. This means the NFTs are as liquid as the token itself.
Advertisement
The market has taken up Pandora’s revolutionary idea of NFTs quite well. This is evident because Pandora is currently in a correction after demand triggered a surge in Ethereum gas prices. The good news is that developers are working to deal with this problem.
Today, Pandora’s X account retweeted a tweet by Acme stating that one of the biggest challenges with the ERC404 is high gas prices resulting from misconfiguration. Acme noted that memory transfer exemptions can help solve this problem. This is a pointer that the gas problem is temporary and unlikely to dent the surging demand for Pandora.
One of the major pain points we’ve been seeing has been related to ERC404 setup, with a number of gas complaints stemming from misconfiguration.
In the process of shipping pre-built, in-memory transfer exemption tools, should offer a better, smoother experience for devs.
— Acme (@0xacme) February 12, 2024
Partnerships And More Partnerships
Even better, Pandora is continually making announcements likely to drive FOMO in the coming days. One big news touching Pandora is that the Wasabi cryptocurrency wallet has announced its support for the ERC404 token standard. This is a big deal as it adds to the number of platforms that allow investors to buy, sell, and store Pandora. It will play a role in driving up liquidity, and that’s a plus for Pandora’s growth.
.@wasabi_protocol added support for ERC-404 https://t.co/x0yguCDJbb
— Bankless (@BanklessHQ) February 11, 2024
Pandora has also announced that it has partnered with Particle Trade, further pointing to growth in the Pandora ecosystem. This is a big deal as it makes it possible to leverage trade Pandora easily through the Particle Labs DeFi ecosystem.
The number of centralized exchanges currently listing Pandora is small, but this is good. That’s because as more of them list Pandora, the excitement they will create around the token could push it to new heights. For instance, Binance tends to trigger lots of FOMO, and a listing there could easily push Pandora to $100k or more. Currently, investors can buy Pandora on Bing X and several CEXs. Pandora is also available on all the top DEXs, such as Uniswap V3 and PancakeSwap V3.
In the section below, we look at Pandora’s price prediction to determine how Pandora could trade going forward.
Pandora Crypto Price Prediction
When going to press, Pandora was trading at $15,934, with a market capitalization of $130 million. Trading volumes had dropped slightly by 2.34% to $68.84 million.
After a slight price drop earlier in the day, Pandora is consolidating between $17240 and $13930. This indicates that the selloff that started earlier in the day has eased up.
If bulls can retake control of Pandora and break through the $17240 resistance, the next key support level would be at $21086. Breaking through this resistance could see Pandora easily push $30k or even higher.
However, if selling volumes increase and Pandora pushes through the $13,930 support, then prices below $10k could be seen in the day.
Why Pandora Could Be Headed To $100k
While there is a chance that Pandora could hit prices below $10k, the case for an upside breakout is stronger, and even $100k per token is attainable in the coming days.
One of the triggers for such a rally is the broader market momentum. Bitcoin is also currently in consolidation but is showing pointers to an upside break. If Bitcoin surges again and pushes through $50k, altcoins will likely follow. Given Pandora’s extremely low supply of just 10,000 tokens, a sudden increase in demand across the market could see the token easily surge to $100k or more.
Besides the broader market factors, Pandora has much going for it internally. For instance, it is increasing the number of partnerships, which could make the token more accessible to investors.
Advertisement
