This week, an altcoin powering the crypto project Abracadabra has traders spellbound after surging by more than 100%.
According to CoinGecko data, the price of Spell Token (SPELL), which has a market cap of about $221 million, rose from a 7-day low of $0.00197753 to a high of $0.00428190 this week, representing a 116 percent increase.
The coin has risen to become the 245th largest coin on the market.
Meanwhile, Bitcoin increased by 20% this week, rising from a 7-day low of $40,554.38 to a high of $48,852.87.
Abracadabra is a lending platform that allows users to use interest-bearing tokens as collateral to borrow the USD-pegged stablecoin Magic Internet Money (MIM).
MIMs can be exchanged for other stablecoins such as Tether (USDT), Dai (DAI), and USD Coin (USDC).
Users can stake SPELL to obtain sSPELL tokens, which grant them platform voting rights and a claim to protocol fees.
SPELL skyrocketed after Abracadabra announced a collaboration with the decentralized reserve currency protocol Olympus (OHM) and the official launch of the sSPELL lending market.
The project began on Ethereum and is now available on the Avalanche and Fantom ecosystems as well.