Spell Token cost is up over 20 %today, making it the greatest gainer on Crypto.com. With a market cap of over $2 billion and a 24-hour trading volume of$171 million, Spell Token is making waves in crypto markets. Let’s take a look at Spell Token and see why its cost is increasing today.
What Is Spell Token?
Spell Token is the native cryptocurrency to the loaning platform Abracadabra.money, explaining itself as a “spell book that enables users to produce magic internet money.”
According to their main website:
“You, the Spellcaster, can provide security in the type of various interest-bearing crypto properties such as yvYFI, yvUSDT, yvUSDC, xSUSHI, and more. With this, you can obtain magic internet money (MIM) which is a stable coin that you can swap for any other conventional steady coin.”
Users can link to Abracarabra’s dApp via a web browser wallet like MetaMask and begin exploring their environment. One cool feature about Abracadabra is the fact that it supports multiple networks. Currently, users can choose in between Ethereum, Binance Smart Chain, Fantom, Avalanche, or Arbitrum.
Why Is Spell Token Price Increasing?
On December 23rd, Binance announced that they would list the Spell token. This caused a significant bullish candle to form, triggering SPELL’s rate to peak at $0.25. Since then, the rate has actually been progressively decreasing up until this morning, when SPELL’s rate pumped to $0.26.
In current news, Spell token revealed on December 26th that their very first proposition, AIP # 1, passed with flying colors. You can check out the full proposition on Abracadabra’s online forums.
In other words, the proposal suggests a 50/50 revenue split between Popsical Financing and Abracadabra for all leveraged liquidity swimming pools on Popsicle’s platform.
Popsicle financing is a multichain yield optimization platform for Liquidity Suppliers. The group at Popsicle just recently launched Sorbetto, a brand-new product that optimizes Uniswap’s present LPs.
The proposal passed with a big bulk and is most likely a significant consider SPELL’s cost boost today.
At the time of writing, SPELL is trading at $0.02611, up 20.93% in the previous 24 hours. Its market cap is $2 billion with a 24-hour trading volume of $174 million.
You can acquire SPELL on Coinbase Exchange, Binance, FTX, Gemini, Bitfinex, Poloniex, and more.
Disclosure: This is not trading or investment guidance. Always do your research before buying any cryptocurrency.
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