Just two weeks since launching, Wagerr (WGR) has announced that almost half a million US dollars worth of its token has been bet on the platform, sending the price of WGR upwards.
In a tweet, Wagerr said that in the first two weeks of operation, at total of 2,601,114 WGR had been bet across 85 events – a US dollar equivalent at today’s price of $476,378.
It also said the platform had burned 470,095 WGR tokens as part of a mechanism designed to push the price of WGR upwards. All tokens wagered are burned up front, with new coins minted to pay out winners, ensuring a steady decrease in the total supply.
The trick appears to be working. The total market cap of WGR stood at $18.5 million at the start of September. Today it has risen to $33.5 million, a one-month return of 81 percent for holders.
In a statement last month, Wagerr’s founder David Mah said: “We are just getting started.”
Wagerr is expecting significant action on the upcoming MMA fight between Khabib Nurmagomedov and Conor McGregor on Saturday.