The price of an altcoin fueling the cryptocurrency venture Abracadabra has soared by more over 100% this week, leaving traders captivated. Token (SPELL) is now valued at $221 million, according to information from CoinGecko, and its price has increased by 116% in the last week, from a 7-day nadir of $0.00197753 to a peak of $0.00428190.
The currency has rocketed up the market to rank as the 245th biggest. While everything was going on, the price of Bitcoin rose by 20% from a 7-day low of $40,554.38 to a peak of $48,852.87. In the time it took me to write this piece, the number one cryptocurrency was trading at $42,491, up 2% in the last 24 hours.
Utilizing interest-bearing tokens as collateral, Abracadabra acts as a lending platform that enables users to borrow USD-pegged stablecoin Magic Internet Money (MIM). Rest of the stablecoins, such as Tether (USDT), Dai (DAI), and USD Coin, can be traded for MIMs (USDC).
A user may use SPELL to earn sSPELL tokens, which will give them network voting rights and a stake on protocol fees. In response to the announcement that Olympus (OHM), a decentralized reserve currency system, will be partnering with Abracadabra to establish the sSPELL loan market, SPELL surged.
1/🧙🏼♂️!
We are excited to finally reveal that we will be one of the flagship partners for Olympus Pro!🔥🏛
Learn more about it at @OlympusDAO’s FOHMO 3 event on Sept 24 – 26!🔮#FOHMO3 pic.twitter.com/IrRgQzmOPU
— 🧙🏼♂️ (@MIM_Spell) September 24, 2021
Avalanche and Fantom ecosystems were added after the project started on Ethereum.
🧙🏼♂️!
The $sSPELL lending market is finally here!🔥
Borrow $MIM using your $sSPELL tokens with👇🏻
-Interest 0.5%
-Liquidation Fee 5%
-LTV 85%
-Opening Fee 0.5%🔮Single-side stake you SPELL tokens here:https://t.co/LGU5WDvrNk
🪄Find the new market here: https://t.co/LcsTzis25B pic.twitter.com/UWknQ8hpFQ
— 🧙🏼♂️ (@MIM_Spell) September 22, 2021
