According to data provided by LookOnChain, three cryptocurrency wallets transferred their holdings from PepeCoin (PEPE) to Pond Coin (PNDC), the native token of Pond DEX.
They purchased a total of 487 billion PNDC tokens for 600 ETH, or approximately $965,000. The transactions highlight contrasting fortunes for PepeCoin, currently embroiled in trust issues, and Pond DEX's PNDC, which is gaining traction on the market.
New frog in the pond
PondX, powered by its native token PNDC, went live on Sept. 1 and aims to bring innovations to the decentralized exchange space with its aggregator feature.
The DEX offers features like secure access to major liquidity networks and multi-chain smart routing, setting it apart from existing platforms.
A recent 35% uptick in PNDC's price comes after its listing on Poloniex, bolstering its market cap to approximately $47.51 million and its 24-hour trading volume to $2.93 million.
Pepe's fall from grace
On the other side of the coin, Pepe is facing ongoing challenges to regain investor trust following allegations that its developers had engaged in massive token sales, leading to a 20% drop in its value.
Blockchain monitoring services indicated that 16 trillion PEPE tokens had been moved and sold by developers, significantly contributing to the meme coin's devaluation.
Moreover, an early investor recently liquidated one trillion PEPE tokens for 537 Ethereum, roughly $885,000, exacerbating concerns over the token's future.