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On December 16, a Crypto.com blog post revealed that users can now buy the newly added Spell Token (SPELL) for US dollars, euros, pounds sterling and nearly two dozen other fiat currencies.
Following the news, SPELL rallied 45% from $ 0.011 to a weekly high of $ 0.016.
This is the management token of the Abracadabra.money platform, where users deposit cryptocurrencies at interest for the release of the Magic Internet Money (MIM) stablecoin. The maximum emission of the ERC-20 altcoin is 210 billion.
Users can stake SPELL to receive sSPELL tokens, which give voting rights on the platform and the right to receive commissions generated by the protocol.
MIM can be traded with a pair of other stablecoins including Tether (USDT), Dai (DAI), and USD Coin (USDC).
Spell Token has joined the list of over 200 cryptocurrencies and stablecoins supported by the Crypto.com app.
On December 17, the SPELL price dropped to $ 0.012, having lost almost 13% per day. The record high was set on November 2 at $ 0.035.
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