Spell token soars 116% this week, defying Bitcoin and crypto markets

After rising by more than 100% this week, a cryptocurrency, SPELL, powering the crypto project Abracadabra captivated traders.

Spell Bound Growth

SPELL has a market value of over $221 million. The price increased by 116% this week from a seven-day low of $0.00197753 to a high of $0.00428190.

The coin has risen to become the 245th most valuable coin on the market.

Meanwhile, Bitcoin increased over 20% this week, rising from a seven-day low of $40,554.38 to a high of $48,852.87.

Abracadabra’s MIM

Abracadabra is a lending platform that allows its users to lend Magic Internet Money (MIM). MIM is a USD-pegged stablecoin, with interest-bearing tokens as collateral.

MIMs may be exchanged for Tether (USDT), Dai (DAI), and USD Coin, among other stablecoins (USDC).

Users can stake SPELL to get tokens, which give them platform voting rights and a stake in the protocol’s fees.

SPELL skyrocketed when Abracadabra announced a collaboration with Olympus (OHM), a decentralised reserve currency system, and the opening of the token lending market.

The project began on Ethereum and has now expanded to include the Avalanche and Fantom ecosystems.

Read More: Overtaken By Bitcoin On Institutional Inflows As Market Declines

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