Predicting prices for next year
The rising value of Spell’s cryptocurrencies continues in bursts and begins throughout the year. But over the course of the year, this token has grown to nearly $ 2 billion in market capitalization. And during the year, its value increased by over 3,500%. Nevertheless, investors are wondering if there is even more juice left to pull from the Spell cryptocurrency. Based on its performance and use case, we believe there may still be plenty of room for development.
Let’s start with the basics. Spell crypto is a native lending platform token Abracadabra.money. If you excuse the 8 bit platform side art, it’s quite an interesting project.
This platform enables users (known as “spellcasters”) to provide security in the form of interest-bearing cryptocurrencies. Wizards, on the other hand, can borrow Magic Internet Money (MIM). MIM is a stablecoin that can be exchanged for any other traditional stablecoin.
It’s a pretty straightforward process. Wizards simply post collateral and take out MIM in the form of a loan. What people want to do with the borrowed stablecoins is up to them. And when users are ready to pay off the loan, all they have to do is return the original amount of the borrowed MIM and the interest-bearing tokens are released and ready to be added back to the wizards wallet.
Really all users have to do in order to take out a loan at Abracadabra.money is plug in a wallet with an interest-bearing cryptocurrency like Venus USDT (vUSDT) or xSUSHI and make a withdrawal. He probably beats in dealing with the bank!
Spell Crypto: Bullish Forecast
To be fair, Abracadabra.money is not the only crypto lending player in the game. And that can be a cause for concern for Spell cryptocurrency investors. Crypto.com has a very competitive loan program. BlockFi, Celsius Network, and Compound Finance are other good examples of cryptocurrency lending operations. So Abracadabra.money has fierce competition.
Nevertheless, we really like the simplicity of the Abracadabra.money platform. The main drawback we have with this is the apparent gamification of the process. However, this is mainly due to the Nintendo-style graphics and lexicon used to describe the rental process. This is in stark contrast to the neat and professional websites of Abracadabra.money competitors. But hey, there’s no accounting for taste, is there? And honestly, this is quite in line with how many NFT-based games look like now.
It would not be surprising if this lending platform only caught on because it stands out so much from the competition. Again, navigation couldn’t be much simpler. There is no credit check. It has no effect on your credit score. And users don’t have to worry about high interest rates. The only thing they are losing is the interest charged by the crypto they have provided as collateral to Abracadabra.money.
Although we are not a big fan of loans at all investment U, of course, there are times when it makes sense. And in these times when it makes sense, there is a compelling argument to use Abracadabra.money. Again, all you need is an interest-bearing cryptocurrency wallet to get started. For this reason, we have high hopes for the future of Spell cryptocurrencies. It has already started to work. And that’s more than half the battle for a new token.
Spell crypto has a total of over 78 billion tokens in circulation. And its maximum supply is 210 billion. This puts it in the middle of the range of many popular cryptocurrencies. This is well below the absurd supply of SafeMoon. (I know it’s a deflation token, but still.) But at least it has a maximum supply… We’re looking at you Dogecoin.
On the other hand, the total supply of Spell’s cryptocurrencies is much higher than that of major players such as Bitcoin and Ethereum. So while we remain stubborn on Spell, we do not anticipate another 3,500% jump in the coming year. For this, the Spell crypto has already started.
However, considering that Spell is currently valued at around $ 0.02 per token, we see room for growth. In fact, Spell is currently around 40% below its 52-week high. And it would not be the least surprising if it rose above that number in 2022. In fact, if Abracadabra.money continues to grow in popularity, the crypto Spell could hit $ 0.05 in the coming months.
Remember, cryptocurrencies are not just about supply and demand. The technologies and processes they support are just as important (if not more important). And the types of small loans that support the Spell cryptocurrencies can be valuable to all kinds of people. Remember that not so long ago using microloans won Nobel Prize. We do not expect such awards for Abracadabra.money. But that doesn’t make it any less a good idea.
Summary about crypto spelling
Every penny crypto comes with the promise of volatility. And it goes without saying that there is a lot of speculation about cheaper tokens. This has certainly been included in the Spell cryptocurrency price forecast. The investment in Spell is far from “certain”. But the underlying technology it’s built on is very promising. Therefore, we predict it will grow in the coming year.
We wouldn’t put our slot on the Spell crypto. But any investor with a few gambling dollars can do a lot worse than a Spell. Those looking to take advantage of this chance can head to the Bybit, Bitget or Coinbase exchanges to buy some Spell crypto.
About Mateusz Makowski
Matthew Makowski is a senior research analyst and writer at Investment U. He has been studying and writing about markets for 20 years. As comfortably identifying valuable stocks as discounters in the cryptocurrency markets, Matthew began mining bitcoin in 2011 and has since focused on the cryptocurrency markets as a whole. He is a graduate of Rutgers University and lives in Colorado with his dog Dorito.