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Spell Token logo

Spell Token

SPELL

GBP

Past performance is not a reliable indicator of future results. Learn more about asset risks.

Investment Risk

Baseline risk

All crypto-assets are risky, regardless of the type of token you hold. Here are some ‘baseline’ risks to be aware of before deciding to invest.

Investment risk: The performance of most crypto-assets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in crypto-assets.

Lack of protections: Crypto-assets are largely unregulated and neither the Financial Services Compensation Scheme (FSCS) nor the Financial Ombudsman Service (FOS) will protect you in the event something goes wrong with your crypto-asset investments.

Crypto-assets are complex: It may be difficult to understand the risks associated with a crypto-asset investment. Do your own research and if something sounds too good to be true, it probably is.

Don’t put all your eggs in one basket: Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well. A good rule of thumb is not to invest more than 10% of your money in high-risk investments such as crypto-assets.

Defi tokens

Decentralised Finance (or ‘DeFi’) tokens (e.g. , ) are crypto-assets linked to financial applications and protocols built on decentralised blockchain technology.

Smart contract risk: DeFi relies heavily on smart contracts. Even a minor coding error or oversight can lead to a contract being exploited, potentially resulting in significant losses for DeFi tokens.

Regulatory risk: DeFi operates in a decentralized manner, often without intermediaries or financial crime controls. Regulatory bodies across jurisdictions might introduce new regulations impacting the use, value, or legality of certain DeFi protocols or assets.

For example, the Perpetual Protocol (PERP) and Quickstop (QUICK) protocols may be accessible in jurisdictions where some or all the available activity may need to be regulated now or in the future. If a regulator deemed the activity to be in breach of regulation, this could seriously impact token value.

Rug-pulls / Exit scams: Some DeFi projects might be launched by anonymous or pseudonymous teams, increasing the risk of "rug pulls" where developers abandon the project and withdraw funds, leaving investors with worthless tokens.

Data/oracle risk: DeFi protocols often rely on external data sources or ‘oracles’. Manipulation or inaccuracies in these data sources can lead to unintended financial outcomes within the protocols.

Protocol complexity: The complexity of some DeFi protocols can make it difficult for average users to fully understand the mechanisms and associated risks.

About Spell Token

SPELL is an Ethereum token that governs Abracadabra.money, a platform that lets users deposit collateral in the form of interest-bearing crypto assets (such as yvYFI, yvUSDT, yvUSDC, xSUSHI) in order to mint MIM, a stablecoin that attempts to maintain a value of US$1.00. SPELL can be staked to earn sSPELL, which grants governance rights and other rewards.

Spell Token (SPELL) is a reward token associated with Abracadabra.money, a lending platform that utilizes interest-bearing tokens (ibTKNs) as collateral to borrow a USD-pegged stablecoin known as Magic Internet Money (MIM). The platform employs Kashi Lending Technology, which allows for isolated lending markets, enabling users to adjust their risk tolerance based on the collateral they choose to use. Users can deposit collateral and borrow MIM against it. Additionally, Abracadabra provides yield farming opportunities where users can stake their liquidity provider (LP) tokens to farm SPELL, aiming to enhance liquidity for certain cryptocurrency pairs.

Spell Token operates within the Abracadabra.money platform, where it serves as a reward token. Users can stake their LP tokens to farm SPELL, which in turn aims to improve liquidity for specific cryptocurrency pairs. The platform's unique feature is its use of Kashi Lending Technology, which allows for isolated lending markets. This means that the risk is not shared collectively; if a currency pair loses its liquidity or if something happens to the smart contract, only that pair is affected, not the entire platform. SPELL can also be staked, and staked tokens may receive a share of the platform fees, which auto-compound.

The primary use case for Spell Token is within the Abracadabra.money platform, where it serves as a reward token. Users can stake their LP tokens to farm SPELL, thereby aiming to enhance liquidity for certain cryptocurrency pairs. SPELL can also be staked, and staked tokens may receive a share of the platform fees, which auto-compound. This mechanism seeks to encourage user participation and engagement within the platform. Furthermore, SPELL is used as a governance token, potentially providing users with voting power proportional to their staked amount.

Spell Token is associated with Abracadabra.money, a lending platform that uses interest-bearing tokens as collateral to borrow a USD-pegged stablecoin. Abracadabra is not an official decentralized autonomous organization (DAO) but is governed through a Snapshot page. The platform uses the Kashi Lending Technology pioneered by SushiSwap to provide isolated lending markets. The total supply of Spell Token was 210 billion, with 210 billion having been removed after token generation. The token distribution was as follows: 63% was allocated for global farming incentives, 30% for team allocation (with a 4-year schedule), and 7% for the initial DEX distribution.

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Market

United Kingdom Market stats

Market cap

£87.1M

Volume (24h)

£92.9M

Circulating supply

151.1B SPELL

Typical hold time

68 days

Popularity

#364

All time high

£0.0270

Past performance is not a reliable indicator of future results. Learn more about asset risks.

This data was sourced in real-time from Coinbase and other third party market vendors. Real-time data may encounter temporary delays due to system performance or downtime.

United Kingdom Market performance

Price change (1h)

+0.75%

Price change (1d)

+3.41%

Price change (1w)

+47.79%

Price change (2w)

+39.73%

Price change (1m)

+49.19%

Price change (1y)

+24.35%

Past performance is not a reliable indicator of future results. Learn more about asset risks.

This data was sourced in real-time from Coinbase and other third party market vendors. Real-time data may encounter temporary delays due to system performance or downtime.

Related Assets

Social

Some highlights about Spell Token on social media

330 unique individuals are talking about Spell Token and it is ranked #376 in most mentions and activity from collected posts. In the last 24 hours, across all social media platforms, Spell Token has an average sentiment score of 3 out of 5. Finally, Spell Token is becoming more newsworthy, with 0 news articles published about Spell Token. This is a 0% increase in news volume compared to yesterday.

On Twitter, people are mostly neutral about Spell Token. There were 14.66% of tweets with bullish sentiment compared to 11.21% of tweets with a bearish sentiment about Spell Token. 74.14% of tweets were neutral about Spell Token. These sentiments are based on 116 tweets.

On Reddit, Spell Token was mentioned in 77 Reddit posts and there were 130 comments about Spell Token. On average, there were more upvotes compared to downvotes on Reddit posts and more upvotes compared to downvotes on Reddit comments.

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Overview

Contributors

330 people

Posts

102 posts

Dominance

0.02%

Volume rank

#376

Average Sentiment

3 out of 5

Twitter

Reddit

Posts

77

Comments

130

Post Score

175

Comment Score

127

Spell Token is on the rise this week.

The price of Spell Token has increased by 0.75% in the last hour and increased by 3.41% in the past 24 hours. Spell Token’s price has also risen by 47.79% in the past week. The current price is £0.000576 per SPELL with a 24-hour trading volume of £92.95M. Currently, Spell Token is valued at 97.87% below its all time high of £0.0270. This all-time high was the highest price paid for Spell Token since its launch.

The current circulating supply of Spell Token is 151,097,369,236.256 SPELL which means that Spell Token has as total market cap of 151,097,369,236.256.

FAQ

What is the current price of Spell Token?

We update our Spell Token to GBP currency in real-time. Get the live price of Spell Token on Coinbase.

What is the market cap of Spell Token?

The current market cap of Spell Token is £87.12M. A high market cap implies that the asset is highly valued by the market.

What is the all time high of Spell Token?

The all-time high of Spell Token is £0.0270. This all-time high is highest price paid for Spell Token since it was launched.

What is the 24 hour trading volume of Spell Token?

Over the last 24 hours, the trading volume of Spell Token is £92.95M.

What other assets are similar to Spell Token?

Assets that have a similar market cap to Spell Token include Ren, Alitas, Banana Gun, and many others. To see a full list, see our comparable market cap assets.

How many Spell Token are there?

The current circulating supply of Spell Token is 151 billion.

What is the typical holding time of Spell Token?

The median time that Coinbase customers hold Spell Token before selling it or sending it to another account or address is 68 days.

What is the relative popularity of Spell Token?

Spell Token ranks 77 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

What is the current trading activity of Spell Token?

Currently, 94% of Coinbase users are buying Spell Token. In other words, 94% of Coinbase customers have increased their net position in Spell Token over the past 24 hours through trading.

Can I buy Spell Token on Coinbase?

Yes, Spell Token is currently available on Coinbase’s centralized exchange. For more detailed instructions, check out our helpful how to buy Spell Token guide.

This data was sourced in real-time from Coinbase and other third party market vendors. Real-time data may encounter temporary delays due to system performance or downtime.

Certain content has been prepared by third parties not affiliated with Coinbase Inc. or any of its affiliates and Coinbase is not responsible for such content. Coinbase is not liable for any errors or delays in content, or for any actions taken in reliance on any content. Information is provided for informational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset or to employ a particular investment strategy. Coinbase makes no representation on the accuracy, suitability, or validity of any information provided or for a particular asset. Prices shown are for illustrative purposes only. Actual cryptocurrency prices and associated stats may vary. Data presented may reflect assets traded on Coinbase’s exchange and select other cryptocurrency exchanges.

This Financial Promotion has been approved by Archax LTD on February 7, 2024