- ERC-404 tokens have plummeted, while PANDORA and DEFROGS have seen massive declines over the past 24 hours.
- Pullix (PLX) is about to launch a hybrid exchange, and PLX pre-sale volume has exceeded $5.3 million.
While the cryptocurrency market is heating up with recent gains, the ERC-404 token ecosystem has experienced significant declines. In the last 24 hours, PANDORA, DEFROGS and RUG have all posted double-digit losses. Meanwhile, Pullix (PLX), a new platform breaking away from Ethereum’s experimental token standard, is about to be launched.
PANDORA leads the ERC-404 slump
As mentioned above, ERC-404 is an experimental token standard on the Ethereum blockchain that aims to enable more liquidity and sharding by linking fungible and non-fungible tokens (NFTs).
Data from CoinGecko on Monday showed that tokens in this category such as Pandora, DeFrogs, Rug, and Crystal all plummeted more than 20% in 24 hours. PANDORA was down 30%, DEFROGS was down 33%, RUG was down 28%, and CRYSTAL was down 23%. The sector’s market capitalization fell 37% to $152 million.
Last week, the price of PANDORA soared past $32,000. But in the last three days, that number has dropped by more than 50%. The decline occurred during the last bull market of 2021 as sectors like NFTs drove Ethereum gas fees to an eight-month high. ETH gas fees per on-chain data averaged around $60 per transaction as the market rose.
It is important to note that ERC-404 is not an official Ethereum token standard.
Pullix (PLX): A new hybrid exchange
Pullix (PLX) is a hybrid exchange with a design perfectly suited to traders in the DeFi industry. The platform is in pre-sale, but once launched it will provide access to a trading environment boasting some of the best CEXs and DEXs.
The exchange’s native utility token is PLX.
Traders can access all asset types, including commodities, forex, and cryptocurrencies, without liquidity issues. While users can access non-custodial trading and leverage institutional-level liquidity, the platform’s innovative profit-sharing model stands out as a model tailored to traders. The profit sharing mechanism provides additional passive income opportunities for PLX holders.
Other features such as DeFi swaps, copy trading, yield farming, and staking place PLX at the top of the list of tokens, offering greater incentive prospects for holders than most other exchange tokens.
Pullix token is set to rise by 40%.
Prior to launch, Pullix raised more than $5.3 million from early adopters. The pre-sale has reached stage 7 and will soon reach the final stage 8, with the price soaring from $0.1 to $0.14. This represents a potential 40% return for participants in the current phase.
Market analysts have seen the PLX price rise from $0.04 during the pre-sale period and are predicting that the exchange launch could catapult the native token as the next 100x gem.
To learn more about Pullix, visit their website or participate in a pre-sale.