This ‘Magical’ Altcoin Project Has Soared 116% This Week, Defying Bitcoin and Crypto Markets

An altcoin powering the crypto challenge Abracadabra has merchants spellbound this week after surging by greater than 100%.

Data from CoinGecko shows the worth of Spell Token (SPELL), which presently holds a market cap of about $221 million, rose from a 7-day low of $0.00197753 to a excessive of $0.00428190 this week, which represents a rise of 116%.

 

The coin has catapulted its solution to changing into the 245 largest coin available on the market.

Meanwhile, Bitcoin climbed from a 7-day low of $40,554.38 to a excessive of $48,852.87 this week, marking a rise of 20%.

Abracadabra is a lending platform that enables customers to borrow the USD-pegged stablecoin Magic Internet Money (MIM) utilizing interest-bearing tokens as collateral.

MIMs may be traded with different stablecoins together with Tether (USDT), Dai (DAI), and USD Coin (USDC).

Users can stake SPELL to acquire sSPELL tokens that may grant them platform voting rights and a declare to charges generated by the protocol.

SPELL soared as Abracadabra introduced a partnership with the decentralized reserve foreign money protocol Olympus (OHM) and formally launched the sSPELL lending market.

The challenge initially launched on Ethereum and is now additionally accessible on each the Avalanche and Fantom ecosystems.

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Featured Image: Shutterstock/Julia Ardaran and Salamahin

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