Powering the crypto project Abracadabra, this altcoin has increased its value by 116% in a week, defying the drops and fluctuations in the markets! Here are the details about this altcoin.
According to data from CoinGecko, the price of Spell Token (SPELL), which currently has a market cap of around $221 million, was $0.00197753 last week; SPELL has increased its value by a full 116% this week and has reached as high as $0.00428190. It is very interesting that this altcoin, which has a trading volume despite the decline in crypto money exchanges, shows this rise. This increase of SPELL made it the 245th largest cryptocurrency.
Although the situation of Bitcoin has been decreasing frequently in recent days, looking at the weekly chart, Bitcoin increased its value from $ 40,554 to $ 48,852 a week later and experienced a 20% increase.
Abracadabra is a “lending” platform that allows users to borrow Magic Internet Money (MIM), a dollar-pegged stablecoin using interest-bearing tokens as collateral.
Tokens that can be exchanged for other stablecoins, including MIMs, Tether (USDT), Dai (DAI), and USD Coin (USDC). The system not only gives SPELL stakers a vote in the system, but also allows the revenues generated by the protocol to be shared.
SPELL also rose in value when Abracadabra announced a partnership with decentralized reserve currency protocol Olympus (OHM) and officially launched the sSPELL loan market. Although the project was originally launched on Ethereum and is now available in both Avalanche and Fantom ecosystems.