Spell Token (SPELL)Spell Token (SPELL)
Spell Token (SPELL) serves as the incentive token for abracadabra.money, a lending platform that utilizes interest-bearing tokens (ibTKNs) as collateral for borrowing Magic Internet Money (MIM), a stablecoin pegged to the US dollar.
Users can earn SPELL by providing liquidity to various pools. Additionally, staking SPELL allows participants to earn a portion of the platform's fees, including interest, borrowing fees, and 10% of the liquidation fee for select markets, with these rewards being auto-compounded.
With a market capitalization of $103.44 Million, Spell Token claims the 2nd largest crypto in the DEFI sector by market capitalization and 375th in the overall crypto market. The price performance shows that the crypto has fallen by over 18.3% a week and over 38.03% a month.
The price action analysis shows that the crypto crashed in June Falling below the annual lows. The short term trend outlook has shifted to a bearish side which may continue to drag the price towards lower levels.
