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Spell Token priceSPELL
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About Spell Token (SPELL)
What Is Spell Token?
Spell Token is the reward token of the Abracadabra.money ecosystem, a decentralized finance (DeFi) lending platform. This platform diverges from traditional DeFi models by using interest-bearing tokens (ibTKNs) as collateral for loans. These ibTKNs, often liquidity provider tokens, are unique in that they accrue value over time, offering a dynamic form of collateral.
Abracadabra.money was created by someone with the pseudonym "Squirrel" and Daniele Sesta in 2021. It was initially built on Ethereum but has expanded to Fantom, Avalanche, BNB Chain, Arbitrum, and Optimism.
Resources
Official Documents: https://docs.abracadabra.money/learn/
Official Website: https://abracadabra.money/
How Does Spell Token Work?
Abracadabra.money leverages these ibTKNs to mint a USD-pegged stablecoin known as Magic Internet Money (MIM). The platform uses a unique approach called "isolated lending markets," initially pioneered by SushiSwap's Kashi Lending Technology. This method allows users to deposit ibTKNs as collateral and borrow MIM against them. The isolated nature of these markets means that risks are not pooled across the platform, allowing for a diverse range of collateral pairs and mitigating systemic risk.
SPELL token plays a pivotal role in this ecosystem, facilitating transactions, incentivizing users, and governing the protocol. Users can stake SPELL tokens to participate in governance decisions, influencing key aspects like interest rates and collateral requirements. This governance model ensures that the platform remains decentralized, with decisions made by a community of stakeholders.
SPELL tokens are not just for governance; they also offer financial incentives. Users can stake SPELL to earn a share of the platform's fees, including interest, borrowing fees, and a portion of liquidation fees from certain markets. This staking mechanism provides a passive income stream, aligning the interests of token holders with the success of the platform. Additionally, SPELL token holders can engage in yield farming by providing liquidity in various pools, further enhancing the token's utility and fostering a robust DeFi ecosystem.
What Is Spell Token Token?
Spell Token is the main token used for incentivization within the Abracadabra.money ecosystem. In the beginning, SPELL had a total supply of 420 billion tokens. Later, over half the tokens were burned, leaving 2196 billion tokens remaining as the total supply as of November 2023. At the moment, there are 107.45 billion SPELL tokens in circulation.
What Determines Spell Token’s Price?
The price of Spell Token (SPELL), like many cryptocurrencies, is influenced by a complex interplay of factors typical in the blockchain and cryptocurrency markets. One of the primary drivers is market demand and supply dynamics. As a token integral to the Abracadabra.money DeFi platform, SPELL's value is closely tied to the platform's adoption and usage. The more users engage with Abracadabra.money, leveraging its unique lending and borrowing features, the higher the potential demand for SPELL. This demand is further fueled by the token's utility in governance and its role in yield farming, which can attract investors looking for both influence in the DeFi space and opportunities for passive income.
Another significant factor is the broader cryptocurrency market sentiment. SPELL, like other digital assets, often reflects the general trends in the crypto market. Bullish trends in major cryptocurrencies like Bitcoin and Ethereum can positively impact the price of SPELL, as increased investor interest in the crypto space can lead to capital flowing into altcoins and DeFi tokens. Conversely, bearish market conditions can lead to a decrease in SPELL's price. Additionally, news and developments specific to the Abracadabra.money platform, such as updates, partnerships, and expansions, can directly influence investor perception and, consequently, the price of SPELL. As the DeFi sector continues to evolve, keeping abreast of these factors is essential for anyone interested in the dynamics of SPELL's price movements.
For those interested in investing or trading Spell Token, one might wonder: Where to buy SPELL? You can purchase SPELL on leading exchanges, such as Bitget, which offers a secure and user-friendly platform for cryptocurrency enthusiasts.
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How to buy Spell Token(SPELL)
Create Your Free Bitget Account
Verify Your Account
Buy Spell Token (SPELL)
Trade SPELL perpetual futures
After having successfully signed up on Bitget and purchased USDT or SPELL tokens, you can start trading derivatives, including SPELL futures and margin trading to increase your income.
The current price of SPELL is $0.0007051, with a 24h price change of +3.96%. Traders can profit by either going long or short onSPELL futures.
Join SPELL copy trading by following elite traders.
Spell Token news
The support level at $0.0009413 stands strong because it continues to boost buying momentum even during weekly market downturns thus attracting investor accumulation. Increased buying pressure emerges from MACD indicator signals because of a bullish crossover pattern resulting in green histogram bars that suggest potential continuation of the uptrend. The 52.51 RSI indicator stands at neutral position currently but price movements above 50 would strengthen bullish momentum and push the price up to test res
Sheila Warren’s X account hacked to promote $SPELL token, as confirmed by the Crypto Council for Innovation.
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Spell Token Social Data
In the last 24 hours, the social media sentiment score for Spell Token was 3, and the social media sentiment towards Spell Token price trend was Bullish. The overall Spell Token social media score was 0, which ranks 367 among all cryptocurrencies.
According to LunarCrush, in the last 24 hours, cryptocurrencies were mentioned on social media a total of 1,058,120 times, with Spell Token being mentioned with a frequency ratio of 0%, ranking 470 among all cryptocurrencies.
In the last 24 hours, there were a total of 204 unique users discussing Spell Token, with a total of Spell Token mentions of 35. However, compared to the previous 24-hour period, the number of unique users increase by 3%, and the total number of mentions has increase by 17%.
On Twitter, there were a total of 1 tweets mentioning Spell Token in the last 24 hours. Among them, 0% are bullish on Spell Token, 0% are bearish on Spell Token, and 100% are neutral on Spell Token.
On Reddit, there were 31 posts mentioning Spell Token in the last 24 hours. Compared to the previous 24-hour period, the number of mentions increase by 19% .
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