Through the course of this article, we will understand all about the Spell token and how to buy this crypto token.
In the world of digital transactions and exchanges, cryptocurrency and the blockchain industry have become a major buzz given its versatility and application to many aspects and branches in the virtual world, making it an important topic of interest among all investors and users in the financial market.
Many private companies and institutions, countries, and individuals have thrown their weight behind the blockchain industry, giving the industry a significant boost and making it even more important in the world of financial trades and exchanges. This has brought cryptocurrency to the forefront of many trades, especially in the virtual world.
Crypto users and investors need to know about any crypto token they choose for their financial investment. This will help them make the best decision regarding the crypto tokens in the market and help them avoid scam tokens that are present in the coin market today.
The Spell token is another crypto token that has increased significantly in both worth and value since its launch in the crypto space attracting many investors and holders to the project.
What is Spell Crypto?
Stemming from the digital lending platform abracadabra, money where users can use interest-bearing tokens ibTKNs as means of collateral to borrow a form of digital money called Magic Internet Money.
Here is some necessary information for interested crypto users and investors on the Spell platform and abracadabra lending platform to understand:
- Using the lending technology presented by the Sushi Decentralized Exchange gives users the freedom to operate an isolated lending market where the collateral chosen by a particular user influences the risk tolerance on the financial market.
- Users can easily deposit collateral and borrow Magic Internet Money MIM against it. This way, users can engage in a sort of real-world borrowing procedure in the digital space, making blockchain technology even more useful to all users and investors in the financial market.
- The Spell token runs on the Ethereum network, a very strong network, as proven by many string tokens on this network. The Spell token also runs on many other strong networks. Some other strong networks on which the Spell token runs include Fantom, Solana, Avalanche – C-Chain, and Arbitron.
- It is important to note that users can farm the Spell Token once they provide liquidity in various pools. This token can also be staked, which can accrue profit through the auto-compound system of the Spell token.
These are the basic information necessary for crypto users and investors to understand as they make their investment o the Spell token.
Spell Token Contract Address and Market Cap
The tokenomics of any crypto token in the crypto market is very important. This determines the growth and success of such a token in the coin market since it shows the token’s distribution, staking, burn and liquidity.
It is also essential for potential crypto investors to understand that the tokenomics of a crypto token doesn’t necessarily mean the legitimacy of that crypto token in the crypto space, as many crypto tokens with detailed tokenomics have also ended up being scam tokens in the coin market.
Here are the tokenomics of the Spell token:
- There is a total supply of 210 Billion Spell tokens in the coin market with a circulating supply of 82 Billion tokens and a maximum supply of 196 Billion Spell tokens in the crypto market.
- 63% of the token supply is allocated for global farming incentive use in the coin market. Another 7% is mapped out for the Initial Decentralized Exchange offering, which is vital to drive the token up and maximize its usage in the crypto market.
- Then another 30% is kept for team allocation with four years vesting schedule, and this will be distributed to all founders on the token.
- The Spell token has a 24-Hour trading volume of $69,840,272 as of the time of writing this article, making it a highly traded crypto token in the coin market. There is also a fully diluted market capitalization of $1,313,077,240 on the Spell token, as shown on the official crypto platform CoinMarketCap.
Price and Contract Address
The Spell token has seen a significant increase in its price and the number of holders and investors. With surges in percentage and popularity among crypto users, the Spell token has increased both worth and value.
As of the time of writing this article, the price of the Spell token is $0.00667.
Its Contract Address is:
- Ethereum: 0x090185f2135308bad17527004364ebcc2d37e5f6
- Fantom: 0x468003b688943977e6130f4f68f23aad939a1040
- Solana: BCsFXYm81iqXyYmrLKgAp3AePcgLHnirb8FjTs6sjM7U
- Avalanche C-Chain: BCsFXYm81iqXyYmrLKgAp3AePcgLHnirb8FjTs6sjM7U
- Arbitrum: 0x3e6648c5a70a150a88bce65f4ad4d506fe15d2af
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How to Buy Spell Token Step-By-Step Guide
The Spell crypto can be purchased on several crypto exchange platforms in the crypto market, and some of these are major exchanges.
Some of the crypto exchange platforms where the Spell token can be purchased and stored include:
- Mandala Exchange
Using the Binance Crypto Platform
Here is a step-by-step guide on how to buy the Spell token using the Binance crypto platform:
- Users can sign up on the Binance Crypto platform and confirm the verification mail sent by the Binance team to proceed with using the crypto exchange platform.
- Once done, complete all the necessary verification needed to get the account running smoothly from ID verification, both facial and others, and then purchase buying USDT, which is a stable coin used for buying other crypto tokens on the platform.
- Once done, search for the Spell token on the search bar and click on the “Buy” button. This will open a page where the user can complete the transaction. On this page, click the “Buy SPELL” button to purchase the Spell token using the already purchased USDT, as the USDT will be exchanged for the Spell token.
This step-by-step guide can help crypto users and investors interested in the Spell crypto purchase and hold this strong crypto token easily.
Is Spell Token A Good Investment?
The Spell token has increased significantly since its launch in the coin market and shows significant promise going into the future. The crypto market is always extremely volatile and cannot necessarily be predicted with maximum accuracy.
Investors and crypto users should understand all about any crypto token they choose for their investment. This would help them make the best decision on their investment and avoid illegitimate tokens and coins all in the crypto market.
What are your thoughts and views on the Spell token and how to buy this crypto token? Share your opinion and ideas in the comment section.