News

Spell Token Price Up 20% After AIP #1 Proposal Passes With a Large Majority

Spell Token price is up over 20% today, making it the biggest 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 look at Spell Token and see why its price is rising today.

What Is Spell Token?

Spell Token is the native cryptocurrency to the lending platform Abracadabra.money, describing itself as a “spell book that allows users to produce magic internet money.”

According to their official website:

“You, the Spellcaster, can provide collateral in the form of various interest-bearing crypto assets such as yvYFI, yvUSDT, yvUSDC, xSUSHI, and more. With this, you can borrow magic internet money (MIM) which is a stable coin that you can swap for any other traditional stable coin.”

Users can connect to Abracarabra’s dApp via a browser wallet like MetaMask and start exploring their ecosystem. One cool feature about Abracadabra is the fact that it supports multiple networks. Currently, users can choose between Ethereum, Binance Smart Chain, Fantom, Avalanche, or Arbitrum.

Why Is Spell Token Price Rising?

On December 23rd, Binance announced that they would list the Spell token. This caused a significant bullish candle to form, causing SPELL’s price to peak at $0.25. Since then, the price has been steadily declining until this morning, when SPELL’s price pumped to $0.26.

In recent news, Spell token announced on December 26th that their first proposal, AIP #1, passed with flying colors. You can read the full proposal on Abracadabra’s forums

Related Post
.

In short, the proposal suggests a 50/50 profit split between Popsical Finance and Abracadabra for all leveraged liquidity pools on Popsicle’s platform.

Popsicle finance is a multichain yield optimization platform for Liquidity Providers. The team at Popsicle recently released Sorbetto, a new product that optimizes Uniswap’s current LPs.

The proposal passed with a large majority and is likely a significant factor in SPELL’s price increase today.

At the time of writing, SPELL is trading at $0.02611, up 20.93% in the past 24 hours. Its market cap is $2 billion with a 24-hour trading volume of $174 million.

You can purchase SPELL on Coinbase Exchange, Binance, FTX, Gemini, Bitfinex, Poloniex, and more.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.

Follow us on Twitter @themerklehash to stay updated with the latest cryptocurrency news!

Paul Brabus

Paul Brabus is a crypto journalist and enthusiast. He loves reading and writing about all things crypto.

Share
Published by
Paul Brabus

Recent Posts

Altcoin Alert: Crypto Market Cap Breaches Key Level Hinting at an 8000x Rally for this Shiba Inu Killer

Shiba Inu (SHIB) gave enormous returns in 2021, making many early holders millionaires. After the…

2 hours ago

XRP Crash? XRP Falls Below $0.5 Resistance Level as Next Gen Altcoin JetBolt Takes Over

Spooky season might be over but doom is still looming as Ripple’s XRP falls below…

5 hours ago

This New Exchange Token Is Poised for a Price Surge Alongside Cardano and Avalanche – Analysts Predict Huge Gains This November

Three promising altcoins are causing a stir among investors this November: Avalanche (AVAX), Cardano (ADA),…

5 hours ago

With Dogecoin Dipping and TRON Holding, Is Lunex the Hottest Crypto Now?  

Everyone knows what the hottest crypto can do. When it was so hot it was…

5 hours ago

Tron Fees To Be Cut In Half Through Proposal 95, Cutoshi Surpasses $600k As TRX Investors Join CUTO Presale

The Tron network has witnessed incredible growth in several areas, especially in its adoption, which…

7 hours ago

$Pepe Whale Sell-Off And Fund Transfers Stir Volatility In Meme Coin Market

Recently, major $PEPE holder Flow Traders transferred 520 billion $PEPE tokens—worth approximately $4.73 million—from address…

15 hours ago