Current state of ore: My market analysis and some personal observations
I am personally quite disappointed with what has been happening in the Solana ecosystem over the past few days. Especially when I opened the chart of $ORE token, I couldn't believe my own eyes. Can you imagine that the project, which we thought was one of Solana's biggest game changers, would drop by 80 to 85 percent in just three weeks? The value of about $210 million disappeared from the market in the blink of an eye. I sat there and wondered, where did it go wrong? There is a general decline in the market, but the story inside is a little different.
The most surprising thing is how the "copy-paste" culture is destroying real projects rather than coding or creating something new. While I was combing through the on-chain data, I saw a token called GODL, which is a fork for $ORE, which is now making more money than the original project. Think about it! One has worked hard to build a project, and the other is now making more money by copying it. It's called a "vampire attack" in crypto terminology. It seems to me that in the age of this AI tool, copying code has become so easy that there is no such thing as a "wrap" or security of the project.
Another thing I noticed was tokenomics. Earlier, the mechanism of $ORE was excellent. There was less supply, and more burns or destruction. As a result, the price increased. But now the opposite is happening. Due to the decline in income, the supply of tokens has increased, and it is not burning in comparison. As a result, those who are mining, they are selling them immediately without holding the token. This selling pressure is dragging the market down.
But after all this, I'm not giving up all hope right now. The project's founder, Hard Hat Chad, was very serious about things. He realizes that there is a problem with the project control or governance system. He now wants to overhaul the whole system so that no one person has the power. Futurkic is talking about governance, which may work in the future.
At the end of the day, my analysis says that the crypto market is like that. The one who is in the hands of the king today may be a fakir tomorrow. Copied projects may be jumping now, but they don't have a long-term vision. It's a tough time for $ORE, but if there's real innovation, maybe they'll bounce back. Now we have nothing to do but wait and watch the market movements carefully.
Posted Using INLEO