Tag: resource-intensive
ORE Token Hits 3rd on Solana Smart Money Board
The post ORE Token Hits 3rd com. This week, the Solana ecosystem witnessed a remarkable comeback, marking a renewed wave of investor confidence. ORE, the blockchain’s pioneering proof-of-work token, climbed to the third position on StatsHQ’s smart money board during this surge. With net volumes exceeding $148,000 and significant whale activity driving momentum, the mining token has become one of October’s most captivating DeFi narratives. From Network Impediment to Market Facilitation There are few tokens in the Solana ecosystem with as interesting and stark a narrative as ORE. When it was launched in April 2024, the mining protocol almost brought the entire Solana network to its knees. Eager miners created transaction spam so massively it overcrowded the network to the point where the blockchain was almost unusable for normal business. HardhatChad made the necessary decision to shut down mining altogether. ORE, after months of work, launched a completely revised V2 protocol in August 2024. The new protocol brought significant improvements through its proof-of-work mining while ultimately still pursuing the original intention of fair token distribution. ORE’s price rose by more than 150% in 24 hours from its October return, and more than 700% for the week. Current prices are around $118 and have returned to levels previously seen in early August 2024, indicating that both retail and institutional investors have regained confidence. Smart Money Validates the Return The latest price rally seems more than just retail hype and has attracted significant attention from veteran traders or investors. The StatsHQ smart money board shows some solid trading figures: a net volume of $148,070 sits ORE in third place, with $205,100 of buys and $57,030 of sales. The largest single buyer purchased $144,270 worth of tokens, a level of confidence generally consistent with long-term institutional positioning. ORE’s revenue model is particularly noteworthy because the protocol now uses all its.