An altcoin powering the crypto project Abracadabra has traders spellbound this week after surging by more than 100%.
Data from CoinGecko shows the price of Spell Token (SPELL), which currently holds a market cap of about $221 million, rose from a 7-day low of $0.00197753 to a high of $0.00428190 this week, which represents an increase of 116%.
The coin has catapulted its way to becoming the 245 largest coin on the market.
Meanwhile, Bitcoin climbed from a 7-day low of $40,554.38 to a high of $48,852.87 this week, marking an increase of 20%.
Abracadabra is a lending platform that allows users to borrow the USD-pegged stablecoin Magic Internet Money (MIM) using interest-bearing tokens as collateral.
MIMs can be traded with other stablecoins including Tether (USDT), Dai (DAI), and USD Coin (USDC).
Users can stake SPELL to obtain sSPELL tokens that will grant them platform voting rights and a claim to fees generated by the protocol.
SPELL soared as Abracadabra announced a partnership with the decentralized reserve currency protocol Olympus (OHM) and officially launched the sSPELL lending market.
The project originally launched on Ethereum and is now also available on both the Avalanche and Fantom ecosystems.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Julia Ardaran and Salamahin