Ethereum-based ERC 404 Tokens on A Free-Fall, MINER Trader Mints $60K In 11 Hours

The entire ERC 404 sector of crypto tokens has witnessed massive selling pressure dropping 25% in the last 24 hours. The entire sector has lost a total of $60 million in market cap, as per the data on CoinGecko.

ERC 4040 Token Pandora Leads the Market Fall

Major tokens like PANDORA experienced a significant drop of over 24%, while DEFROG saw a decline of 26%, and RUG plunged by 31%. PANDORA, notably one of the prominent ERC-404 tokens, faced a downturn following a week of rapid ascension. Within the past seven days, the coin surged by nearly 800%, reaching $16,198 at the time of reporting.

The ERC-404 token standard diverges from conventional token protocols by offering a dual structure that blends the attributes of fungible and non-fungible tokens. This token standard caters to specific application needs.

This unique characteristic of ERC-404 tokens delivers remarkable versatility, facilitating their adaptation to diverse asset types and utility scenarios. By amalgamating fungibility and non-fungibility, this innovative approach fosters seamless interoperability among tokens, paving the way for novel token economy models and applications.

A notable advantage of the ERC-404 standard lies in its capacity to enhance liquidity for non-fungible tokens (NFTs). Through fractionalization, ERC-404 enables the subdivision of NFTs, allowing multiple individuals to own fractions of digital collectibles. This fractional ownership significantly amplifies the liquidity and utility of NFTs, enabling them to be traded on decentralized exchanges like Uniswap, staked, or utilized as collateral for cryptocurrency loans.

Pandora was the first token to launch under the experimental ERC-404 standard. Its debut garnered rapid support from various platforms including OKX, Blur, and OpenSea marketplaces. Furthermore, Bitget Wallet, Teller, and Wasabi Protocol lending protocols also announced support for Pandora. Additionally, the centralized exchange LBank also announced the listing of Pandora.

Similarly, DEFROGS experienced substantial growth, drawing attention from analysts who observed a trader earning over $166,000 within a span of two days. This remarkable profit was achieved by investing 0.258 ETH ($613) to acquire the DeFrogs token.

Trader Mints $59K Trading the $MINER Token

In a remarkable feat of trading prowess, a savvy investor transformed a mere 1 Ethereum (valued at $2,507) into a staggering $59,000 windfall within just 11 hours. As LookonChain reported, the trader bought and sold ERC 404 token $MINER, leveraging high gas fees to maximize returns.

The trader initiated their journey by withdrawing 1 Ethereum from the Binance exchange. With 0.065 Ethereum (equivalent to $163) allocated to transaction fees, they strategically acquired 1073 units of $MINER at a bargain price, while utilizing only 0.802 Ethereum (approximately $2,010) worth of gas.

Capitalizing on the market dynamics, the trader promptly sold 722 $MINER tokens, pocketing a handsome sum of 19.11 Ethereum. This transaction incurred a gas fee of 0.5 Ethereum (valued at $1,244).

Currently holding 350 $MINER tokens valued at $15,000, the trader’s total profit from this lightning-fast trade endeavor thus stands at approximately $59,000.

The post Ethereum-based ERC 404 Tokens on A Free-Fall, MINER Trader Mints $60K In 11 Hours appeared first on CoinGape.