Categories: Market

This “miracle” Altcoin does not weaken against China FUD and increases over 100% the week

An altcoin powering the Abracadabra crypto project attracted traders this week after rebounding more than 100%.

Data from CoinGecko shows the price of Spell Token (SPELL), which currently has a market cap of around $ 221 million, rose from a 7-day low of $ 0.00197753 to a high of 0 this week , 00428190 US dollars, an increase of 116%.

SPELL is currently on the market at 246 and changed hands at $ 0.0036 at press time.

Abracadabra is a lending platform that enables users to borrow USD-pegged Stablecoin Magic Internet Money (MIM) with interest-bearing tokens as collateral.

MIM can be traded against other stablecoins, including Tether (USDT), Dai (DAI), and USD Coin (USDC).

Users can use SPELL to receive sSPELL tokens that grant them voting rights on the platform and claim fees generated by the protocol.

SPELL rises when Abracadabra announces cooperate with Olympus’ decentralized reserve currency protocol (OHM) and officially launched the sSPELL credit marketplace.

The project was initially started on Ethereum and is now also available in Avalanche and Fantom ecosystems.

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Annie

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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