Spell Token
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Information about Spell Token (SPELL)
Abracadabra.money is a protocol that allows users to maximize capital efficiency and profitability from assets stored in vaults by engaging in activities such as farming, staking, lending, swapping, and so on. This protocol also supports bridges for users to facilitate transactions.
Inspired by the famous Harry Potter books, Abracadabra.money is considered a “magic spell book” that allows users to produce Magic Internet Money (MIM). MIM is a USD pegged stable coin. As with most stablecoins, it will be traded on markets with other stablecoins such as USDT, DAI, and USDC.
SPELL is a native token of the Abracadabra.money ecosystem, operating on Ethereum according to ERC20 standard, and can be used to:
- Trade in platform
- Vote for proposals
- Reward to users
News
Sheila Warren’s X account was hacked on December 26, 2024, to promote the $Spell Token. The hack was confirmed by the Crypto Council for Innovation, warning the public about the scam and advising against interacting with misleading posts.
The hack came as Warren announced her resignation, aligning with regulatory shifts expected under President-elect Donald Trump. Paul Atkins, known for a lenient regulatory stance, is set to succeed Gary Gensler as SEC chair, indicating changes in blockchain policies.
SPELL rises 42.08% after 24 hours, leading the Top Gainers on ONUS
Many Altcoins have experienced strong growth in the past 24 hours, the most prominent of which is SPELL Token – 42.08% increase in value. Currently, SPELL is still holding the No. 1 position in the Top of the top most bullish assets on ONUS app with a trading volume of $29.72 million.
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