There are various investment options available in the crypto world; one of them is Abracadabra. The formula for earning profits on investments in Abracadabra is simple. The blockchain system makes investors profit on their collateral. The new protocol can be compared to a property you took a loan and got rent for it.
The Abracadabra protocol offers a DeFi solution to modern problems, and its native token is SPELL. SPELL token is seen as a solution to its competitors’ deficiencies. The Spell uses three different tokens to lend money in Abracadabra. The inclusions are yvWETH, yvUSDC, and xSUSHI. The user can use them for lending Internet money.
The benefit of using this protocol is almost the zero risk involved in the investment. Abracadabra offers a solution to the money that is in no active use.
Today’s Spell Token price today is $0.000803 with a 24-hour trading volume of $20,166,119. Spell Token is up 3.65% in the last 24 hours. The current CoinMarketCap ranking is #279, with a live market cap of $75,207,680. It has a circulating supply of 93,700,926,588 SPELL coins and a maximum supply of 196,008,739,620 SPELL coins.
What is Spell token?
The two significant tokens in the Abracadabra protocol are MIM and SPELL. These two are involved in the smooth running of the main functions of the mentioned ecosystem. MIM stands for ‘Magic Internet Money’ and is the lead partner in staking along with SPELL.
The primary function of these two currencies is staking. They are used on the Ethereum platform and work for staking. Once staked on the forum, they have various benefits. The main benefits that the SPELL token brings are a role in governance and bringing passive income.
Once you have invested in the Spell token, you have the voting rights resulting in a role in governance. The more SPELL tokens you have, the more you will have a say in decisions. The passive income comes to the users in a percentage from trading fees.
75% of the trading fee goes to investors, and the rest are for other purposes. Thus, SPELL cryptocurrency works in the decentralized blockchain system offering different benefits.
Currently ranking 206 in the list, Spell token has been one of the top gainers. The token forecast is based on previous performance and current metrics. The current price for the SPELL token is $0.02501, while it has seen a rise of 2.95% in the last 24 hours.
|Coin||Symbol||Price||Marketcap||Change||Last 24h||Supply||Volume (24h)|
|SPELL||$ 0.000959||$ 90.53 M||8.88%||94.06 B||$ 23.67 M|
How does Spell token work?
Since its launch in August 2021, as per the available data on CoinMarketCap, the Spell token has seen a tremendous rise. You might want to know how it works and the secret to its growth. Spell token technical analysis shows that this token’s protocol is different from others.
The protocol is an ‘isolated lending market,’ and it helps earn the users’ magical money. Abracadabra completes this process in five steps which are as follows.
The first step is the deposit of the collateral amount on Abracadabra. The next step is the debt allocation to the borrower, and thus the borrower becomes eligible to take the benefit of interest. The third step is the deposit of MIM tokens stored in the borrower’s wallet. The final step is the investor’s free use of MIM. They can continue using it or divest it by turning it into fiat money or another cryptocurrency.
Spell token Price History
The performance for the Spell token has been satisfactory if we look at its tremendous rise. The below-given chart from Wallet Investor shows that it has performed exceptionally since its launch in August 2021.
Beginning from $0.000621 on 17 August 2021, the Spell token has risen to the heights of $0.033327 on 1 November 2021. The unbelievable rise in three months, leaving behind many coins, shows this coin’s potential for future growth. Along with the technical analysis of historical data, its predictions show a good investment.
Wallet Investor ranks Spell token in the category A+ because of the investor rally that it has attracted. The market will improve further if its bullish trend continues.
No major downfalls lead to a decrease in its price, which justifies the token price prediction.
Developments in the Abracadabra protocol
The Abracadabra protocol recently partnered with StrikeX, a platform that aims to develop the next generation of blockchain technologies and products.This is aimed at increasing the adoption of the SPELL token.
Abracadabra Protocol has involved itself in the NFT space. As we all know, the NFT space experienced incredible growth and surged to a $40B industry in 2021, locking a large amount of capital in the new asset class. Abracadabra introduced the AbraNFT, a peer-to-peer lending market to allow NFT collectors to open time-based borrowing positions in their precious NFTs. The AbraNFT will introduce Abracadabra Money to the NFT ecosystem, helping farmers and retail users get the best from their NFTs.
Where to buy SPELL?
The top cryptocurrency exchanges for trading SPELL token stock are Binance, OKX, Bybit, FTX, and MEXC. You’ll find more for your particular purpose. You may also find additional markets for your own purpose in the table below:
SPELL Technical Analysis
SPELL’s price is below its 50-day and 100-day MA in Its 4-hour chart above. The coin’s price is below its support zone of $0.00108, forming new support. SPELL is currently in bearish momentum at the time of writing, and its technical oscillators point to a sell zone. Hence, investors must trade with caution in the next few days.
SPELL Price Prediction by Authority Sites
Wallet Investor sees SPELL as a bad long-term investment. They predict that the coin will be worth $0.000126. They expect that your investment may be devalued in the future. As a virtual currency, SPELL has a dire outlook, and Wallet Investor advises that investors should look for other good projects instead.
Trading Beasts predicts that SPELL is a good investment. They gave a three-year prediction on SPELL. Trading Beasts expect the coin to have a minimum price of $0.0007422 with a maximum price of $0.0001091 in 2022. The average trading price the coin will have is expected to be $0.00087.
By 2023, SPELL is expected to have a minimum price of $0.001362 with a maximum price of $0.00200. The average price the coin is expected to have is $0.00160.
Trading Beasts expects to increase further in 2024. They predict that coin will have an average price of $0.001814 with a minimum price of $0.001542. The maximum price the coin is expected to have is $0.002268.
By 2025, SPELL is predicted to have a maximum price of $0.002344 with a minimum price of $0.001595. The average trading price the coin will have by that time is expected to be $0.001876.
DigitalCoin Price also sees SPELL token to be a good investment. They expect the coin to have a minimum price of $0.000950 with a maximum price of $0.00109 by 2022. The coin is expected to have an average trading price of $0.00102 by that time.
By 2027, DigitalCoin Price expects the coin to have a minimum price of $0.00149 with a maximum price of $0.00204. The average trading price the coin is predicted to have is $0.00177.
SPELL is also expected to have a maximum price of $0.00368 with a minimum price of $0.00343 by the end of 2030.
SPELL Price Prediction 2022
We expect SPELL to trade at a maximum value of $0.002 and a minimum value of $0.002. The average trading price would be $0.002.
SPELL Price Prediction 2023
SPELL is expected to have a minimum price of $0.003 and a maximum price of $0.003. The average trading price is expected to be $0.003.
SPELL Price Prediction 2024
We predict that SPELL will have an average price of $0.004 and a minimum price of $0.004. The highest price the coin is expected to have in 2024 is $0.005.
SPELL Price Prediction 2025
The SPELL coin minimum and average price in 2025 are expected to be $0.006. The highest price of the coin by that time will be $0.007.
SPELL Price Prediction 2026
SPELL is expected to have a maximum price of $0.0010. The minimum price and the average price of the coin are expected to be $0.008.
SPELL Price Prediction 2027
We expect SPELL to have a maximum price of $0.0014. The coin’s average price – including its minimum price – is expected to be $0.0012.
SPELL Price Prediction 2028
We expect SPELL to continue its bullish trend in 2028. This will be feasible if the team behind it creates more developments and partnerships. The condition of the crypto market can also affect the price of SPELL in 2028. Hence, we expect the coin to have a minimum price of $0.018; the average trading price will be $0.0019. The highest price the coin will have in 2028 is $0.021.
SPELL Price Prediction 2029
The SPELL coin is expected to increase in 2029. We predict that the coin will have a maximum price of $0.031. Its average trading price and the minimum price are expected to be $0.0027.
SPELL Price Prediction 2030
By 2030, we expect SPELL token to have a minimum price of $0.0039. Long-term investors are expected to get a much higher ROI by this time. The average price the coin will have is expected to be $0.040. The highest price of the coin by 2030 is predicted to be $0.0046.
SPELL Price Prediction 2031
It is essential to know that 2031 would be the year for SPELL. We expect the coin to reach new heights. We forecast that SPELL will have a minimum price of $0.058 with an average price of $0.068. The highest price that the coin will have is expected to be $0.068.
SPELL Price Prediction By Industry Experts
Abracadabra is a new project in the crypto industry, but the way its market cap keeps increasing, it seems that many investors are interested in the project. According to an industry expert, Manish Bakshi, SPELL has the potential to reach 15 cents in 2025.
On the other hand, SPELL token fans on Reddit are bullish on the future price forecast of the coin. While we might not take the words of shillers too seriously, it is necessary to point out that SPELL has a healthy community following and can maintain profitability in the future.
Famous crypto influencer MarketMaker gave his view on SPELL token price prediction. According to his technical analysis and past performance, the crypto influencer project SPELL to reach $0.01 in the future.
SPELL token has great potential in the future, and we may see the coin crossing $1 if the market is favorable. It is also essential to know that the SPELL token is now popular due to its continuous price actions. The coin has appeared in many trending sections of most crypto sites. The token can be profitable in the future, but it is essential to know that the cryptocurrency can also drop due to its high volatility.
The SPELL token could be a good investment if you want to stretch interest-bearing crypto assets to their mathematical limits. Again, the SPELL token offers investors liquidity rewards, Defi Staking, and other interest-related opportunities. Their interest in the NFT space will help sustain the project in the long run. If you are interested in investing in this cryptocurrency, we advise that you do your research before investing,
This growth is dependent on a variety of variables, including announcements, new technology solutions from the Spell Token initiatives, general crypto market conditions, and legal status. Before investing in a cryptocurrency, we remind you to research (DYOR).