Cryptocurrencies offer numerous ways to earn and one of the most legit is lending markets, allowing to borrow and lend assets. Abracadabra is one such platform that also offers adjustment of the risk tolerance and SPELL coins farming. Despite the latest bearish tendencies analysts believe that the asset can go up in the long term. Read our SPELL token price prediction to make the best investment decisions.
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Spell Token Fundamental Analysis
Spell token is a reward token for the Abracadabra.money — a lending platform for borrowing USD-pegged stablecoins called Magic Internet Money. It utilizes Kashi Lending Technology first introduced by SushiSwap to provide isolated lending markets that allow users to modify risk tolerance according to the collateral they use. Using any other assets as collateral the users can borrow MIM tokens.
Abracadabra also offers yield farming options to its users, who can farm SPELL tokens by becoming liquidity providers, thus creating better liquidity for certain cryptocurrency pairs, for instance, ETH-SPELL and MIM-3CRV. Moreover, using borrowed MIM the users can open leveraged farming positions.
Even though Abracadabra is not claimed to be a decentralized autonomous organization it is governed by the community through the Snapshot page. MIM tokens are minted with a 6/10 multi-signature contract composed of 10 partially pseudonymous users.
Thanks to the innovation of isolated lending markets, users can provide liquidity for any asset, so Abracadabra can offer even the trading pairs ignored by the major exchanges. It also allows users to leverage their interest-bearing token positions by borrowing against their positions, borrowing against borrowed stablecoin, creating the loops, and increasing the leverage. As everything is done in one transaction the gas fees are only paid once.
SPELL is a native token of the project that can be farmed by providing liquidity in one of the pools and also staked to accrue the share of the gas fees (interest, borrowing fees, liquidation fees) on the platform. The token has a total supply of 210 billion with 82 billion coins currently circulating.
Spell Token Live Price Chart
Since the launch SPELL token was in a continuous uptrend and reached an impressive market capitalization of nearly 2 million dollars. The asset was initially traded for $0.0014 and started to grow at the beginning of September 2021, when the whole crypto market was going bullish.
On September 23, the token reached $0.0046 and sustained at the level of $0.0035 for the next week. At the beginning of October SPELL started to rise again and hit $0.02 on October 12. It was followed by the market correction and the token fell as low as $0.013 to rise again. The price was growing till November 3, when it hit the all-time high of $0.034.
Bearish tendencies of the crypto market in November affected SPELL and it was pulled off to $0.007 on December 4. In 3 days the token recovered gaining about 40% of the price and on December 7 was traded for $0.02 and straight after was corrected, got stabilized around $0.014 in the middle of December.
At the end of the year, the token started gaining value again and went back to a level of $0.02-0.025 in the first week of January.
From the beginning of the year, SPELL was bearish and kept losing in price. In mid-January, it was at the level of $0.014 and the SPELL price chart continued to decline. In the last 7 days, the token lost almost 25% of its value and is still shrinking.
Spell Token Technical Analysis
Spell Token Price Prediction
Spell Token Price Prediction for 2023
Spell Token Price Prediction for 2024
Spell Token Price Prediction for 2025
Spell Token Price Prediction for 2026
Spell Token Price Prediction for 2030
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