Spell Token (SPELL) is a reward token on the, cleverly named, abracadabra. money, a DeFi lending platform.
Abracadabra uses an interest-bearing token as collateral to lend a stablecoin called Magic Internet Money (MIM).
It uses the Kashi lending technology built with SushiSwap. As the gas token of the platform, Spell is used for staking, governance, and fee discounts.
This article will describe the key features of the Abracadabra platform, its utility, the economics of the SPELL token, and its past performance, and also give you a price forecast.
I will also tell you where and how you can buy this cryptocurrency from. Let’s dive in without any further ado.
Abracadabra Key Features
Abracadabra has emerged as a major DeFi platform offering some unique features.
| Interest-Bearing Assets | Users on the Abracadabra platform can use their interest-bearing tokens (ibTKNs) as collateral to obtain loans. |
| Magic Internet Money (MIM) | The platform offers a native stablecoin, known as MIM. |
| Isolated Lending | The Abracadabra platform provides isolated lending markets, which means that the lending risks are not shared collectively. |
| Multi-Chain Platform | Abracadabra is multi-chain, meaning the stablecoins can be transferred across multiple blockchains. |
| Adjustable Risk Tolerance | Users can adjust their independent risk tolerance levels on Abrabra. |
| Zero Hosting Costs | Users on Abracadabra. money doesn’t have to pay anything for hosting. |
Spell Token (SPELL) Tokenomics
The total and maximum supply of the token is 195.01 billion out of which 107.41 billion SPELL are already in circulation.
The supply of SPELL, when launched in May 2021, was capped at 420 billion tokens. It was later reduced to 210 billion by burning the rest. Another 5.25 billion tokens were once again burned in early 2022.
At launch, 7% of the total supply was distributed through decentralized exchanges (DEX), in what is known as an initial DEX offering (IDO).
63% of the tokens are distributed to users who participated in yield farming on the Abracadabra platform. The remaining tokens (30%) are allocated to the team with a vesting schedule of 4 years.
Spell Token (SPELL) Past Performance
At launch, SPELL was trading at $0.000608. A few months into the launch, the cryptocurrency hit its all-time high of $0.075, which was almost 50 times its launch price.
However, the prices steadily corrected to $0.0013 in May 2022. The price continued to drag itself downhill until it started gaining momentum two weeks back.
As of now, SPELL is traded for $0.000917, up by around 25% from yesterday. The 24-hour trading volume stands at $369.3 million, up by a whopping 931.3%. The current market cap is nearly $100 million.
SPELL Price Forecast 2024
Our technical indicators suggest that the existing market sentiment about the SPELL token is Bullish and the Fear & Greed Index shows 76 indicating Extreme Greed.
The cryptocurrency has managed to stay 19 of the last 30 days in the green area. This is a good 63% time with a price volatility of 13.17%.
Our expert team forecasts that the price of SPELL can drop by 6.66% and hit $ 0.000781 by the end of February.
SPELL Price Forecast 2025
In the year 2025 SPELL price is expected to lie between $ 0.000737 on the lower side of the price band and $ 0.001835 on the higher side.
If we compare that with today’s price, this will be translated into a 124.54% gain by 2025 provided the token hits the upper price target.
SPELL Price Forecast 2030
Taling about 2030, I should say that we are now venturing into speculative territory and any estimate beyond this can be an educated guess at the very best.
Now that is out of the way, the technical analysis of SPELL prices shows that it can reach a low of $ 0.003792 and a high of $ 0.007146.
Where to Buy Spell Token (SPELL)
SPELL can be most conveniently bought from a centralized exchange like Binance, Coinbase, OKX, Bybit, Gate.io, and Kraken or you can buy it from a decentralized exchange like SushiSwap or Uniswap.
How to Buy Spell Token (SPELL)
With the highest liquidity available for the token on Binance for the SPELL/USDT pair and the SPELL/TRY pair, this is how you can do the first.
- First, you must visit the Binance website or smartphone app. Sign up with your basic details and complete the KYC.
- Now, load your Binacne wallet with some fiat currency, say the US dollars. The easiest way to do this is via a credit card or bank transfer.
- Go to the trading section and search USDT. Enter the amount of stablecoins you want to purchase. Hit ‘buy’ and click ‘confirm’.
- Now, type SPELL/ USDT in the search bar. Once again enter the amount of tokens you want to exchange and complete the transaction.
- Your SPELL tokens will be now available on your Binance wallet.
Conclusion
Starting with Bitcoin, the financial sector has become a major playground for crypto platforms and blockchain-based applications.
With the trend continuing into 2024 and the increase in users in Peer-to-Peer lending ecosystems, we see great potential for platforms like Abracadabra. This should, in theory, also lead to the value appreciation of their gas tokens.
Thus SPELL can be considered a cryptocurrency worth a second look and the market looks encouraging at the moment
All being said, crypto assets including cryptocurrencies are considered a high-risk investment. The changing market conditions and macroeconomic downturns can have a drastic impact on such assets despite solid fundamentals.
It is advised that the reader should be prudent with their money when investing in crypto markets and under no circumstances should they buy crypto assets with borrowed funds.
Related Articles: Worldcoin (WLD): Price Prediction 2024, 2025, 2030, Where To Buy? Is It A Good Investment?
