The ORE token has experienced a remarkable 5063% increase in value over the past month, climbing from $10 to $540. This surge has propelled its market capitalization from $4 million to $200 million. ORE, a Solana-based PoW mining protocol, recently adopted a lottery-style model in its V2 version, where miners wager SOL on a 5x5 grid to win ORE tokens. The protocol incorporates a deflationary mechanism by burning 10% of betting fees to buy and burn ORE.
With a maximum supply of 5 million tokens and only 8.2% currently in circulation, ORE's income has soared to $870,000 in just 24 hours, placing it second on Solana's revenue list. The token's success is attributed to a combination of gambling incentives, deflationary expectations, and increased activity on the Solana network.
ORE Token Skyrockets 5063% Amid Solana Lottery Mechanism
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