Over the last decade, the cryptocurrency industry has proved itself as one of the best investments. With market leaders like Bitcoin and Ethereum rising thousands of percent, early investors have been rewarded substantially. Altcoins – smaller cap coins – have also proved profitable because of their high volatility.
One altcoin that experienced astronomical growth in the past few years is Spell Token. What’s more, the current price is way off of its all-time high. If investors don’t want to miss out on this potentially high-growth opportunity, then read on for our full Spell Token price prediction. We will cover the price, a price prediction, and another exciting altcoin investors can check out.
Spell Token Price Prediction Summary
Before we begin, let’s take a quick look at how we see the price of Spell Token evolving over the next few years. Readers should note that these are only estimates, and the price of the asset will fluctuate and may never reach these values.
- End of 2022: Rising interest rates to combat inflation will make people save fiat currency and avoid risky assets. Spell Token’s price is likely to stay suppressed during that period, so we expect the Spell cryptocurrency to be $0.0015 at the end of 2022.
- End of 2023: The developers may add more utility to the coin during 2023 and favorable market conditions could make the demand for Spell Token rise to $0.005 by the end of 2023.
- End of 2025: The additional utility and Abracadabra’s ecosystem expansion could catapult Spell Token to $0.01 by the end of 2025.
Later in the article, we will cover our full rationale behind these price estimates.
Spell Coin Price History
The current Spell token price is $0.0013. However, its all-time high was $0.03. So, what has happened in the past year to shape this price movement?
- The coin first floated onto the market in August 2021, where it was priced at $0.0005. Throughout August, the coin rose pretty steadily, generating a hefty 100% gain for early investors.
- Things were just getting started here. The coin skyrocketed throughout October, rising thousands of percent. By the end of October, the Spell token price was almost $0.03, rising over 4000% since its inception into markets in August.
- From there, the coin had one final push at the start of November 2021, where it peaked at over $0.03. That was Spell Token’s all-time high and a near 6000% gain (60x) from the coin’s inception.
- The coin declined until December 2021, when it hit another small spike. However, it failed to gain any substantial momentum and peaked at the $0.02 level again.
- The coin was pretty volatile from here and spiked again towards the end of December and into early January 2022. However, this would be the last time that Spell Token saw any type of bullish price movement.
- Throughout 2022, the coin has really struggled to gain any momentum and has slid all the way from its new year high to the Spell Token price today of $0.0013. This has been largely fuelled by the crypto sell-off, which has pushed most of the crypto market into a downward trajectory and enabled investors to buy the best crypto winter tokens.
Spell Token Price Chart History
Spell Token Crypto Price Prediction 2022
So, how is Spell Token likely to perform towards the end of 2022 and beyond? For $SPELL and many other low cap cryptos, the answer to that depends on the wider performance of the crypto industry. If the market leaders, Bitcoin and Ethereum, keep struggling to gain any kind of momentum, then the price of Spell Token will most likely stagnate and stay where it is.
What is driving the price of Bitcoin and Ethereum? Well, the answer to that is tied to the macroeconomy. Inflation has been reaching record highs across most countries. This has been driven by fiscal stimulus employed to ease the pandemic, coupled with supply bottlenecks. As such, prices have risen, and inflation is rising.
The way that central banks combat rising prices is by increasing interest rates. When interest rates increase, people are more likely to save money, and less likely to invest it. This is because they can achieve a higher risk-free return, and so don’t need to risk their money on speculative assets like stocks and crypto. With inflation still high, it is predicted that there will be several more rate hikes towards the end of 2022 and the start of 2023.
As rates rise, people are less likely to buy volatile crypto like Bitcoin and altcoins, which means their price will likely stay depressed. We, therefore, estimate the price of Spell coin to reach $0.0015 by the end of 2022, marking a small increase due to the recent momentum the crypto market seems to have gained.
Spell Crypto Price Prediction 2023
In 2023, rates are likely to still play a pivotal role in the price of Spell Token. If inflation is under control by the end of 2022 and into the start of 2023, then rates may start to be eased, which would be great news for crypto markets. However, there is no way of telling if this trend will occur, other than equity research predictions.
Aside from macroeconomics, the price of Spell Token will be driven by the coin itself. The coin already yields utility, which sets it aside from many other low utility, “hype” oriented crypto investments. Digging a little deeper into what the coin does, it essentially governs the Abracadabra.money platform.
This platform lets users deposit funds in the form of interest-bearing crypto assets in exchange for minting MIM, which is a stable coin that attempts to maintain a value of US $1.00. Essentially this helps users make their interest-bearing assets liquid. In addition to this, SPELL can be staked to earn sSPELL, which grants the holder rewards and other governance rights.
So, there is already utility there, however, how the platform decides to evolve will help shape the future of the coin. Perhaps the developers will decide to add some new features, which can enhance the user experience, and advance the Abracadabra ecosystem. If this is the case, then it could help increase the price of the coin, as it entices more and more users.
Due to the more favourable market conditions, and the high utility of the coin, we predict that the price of Spell Token could rise to around the $0.005 level. This would mark a 400% increase in today’s price, which would leave investors with a healthy profit if the price target were to come to fruition.
Spell Coin Price Prediction 2025-30 Prediction
All investments are made with a long-term vision, and so looking past 2025 should be a strong consideration for any investor interested in the crypto space. Looking this far into the future, there will be three main considerations that will drive the price of the coin – the macro economy, the projects utility, and the adoption of decentralisation.
First, the macro economy will drive the price of Spell Token, and markets more generally. If rates are low, then people will likely flock to long term crypto investments, as they will be looking to achieve a higher return than they can achieve on their savings. The opposite is also true. There is no real way of telling what state the economy will be in by 2025 and beyond, however, assuming that inflation and interest rates have calmed by then, the price of Spell could rise.
Secondly, it depends on the rate of additional utility the project provides. The coin already powers the Abracadabra ecosystem, however, it is important that additional utility is added throughout the coin’s lifespan. This will help create new opportunities for the coin, attract new investors, and ultimately push the price of the asset higher. The fact that a number of new introductions have already been made on the utility front is a good signal that this trend may continue.
Finally, the price of the coin depends on how widely adopted decentralisation is. If Web 3 and the metaverse really starts to take off and be adopted by businesses worldwide, then the price of decentralised assets like Spell Token will increase too. Many businesses around the world are already realising the potential of blockchain technology and its ability to ensure fast, secure, traceable payments. If this trend continues, and then Spell will likely increase in value, especially considering the coin already powers a decentralised ecosystem.
So, if these three factors all fall in favour of Spell Token, then we expect the coin to reach $0.01 by the end of 2025. This is not guaranteed, as one or more of the factors may not materialise. However, if it were to come to fruition, then the price target would mark some considerable upside to today’s prices.
Another coin that may see upside potential is Cumrocket. Check out our Cumrocket price prediction for 2022 to 2025.
Potential Highs & Lows of Spell Coin
As alluded to above, there is always the possibility that other factors will interrupt the momentum that the coin has. If this is the case, then it is likely that price targets may be missed. Take the Covid-19 pandemic. It reshaped markets almost overnight, which was completely unexpected. There is no way of predicting that a similar event won’t take place in the future, resulting in numerous coins dropping prices substantially. But at the same time enabling investors to buy the best crypto under $1.
To help mitigate risks like these, we have provided a table below, covering the potential highs and lows that the coin may encounter. The lows are based on the methodology that certain factors may not come to fruition. For example, the market might be up, but the Spell platform might not release any new updates or add any new utility, deterring future investors. In this case, the lower price target may be a more feasible estimate for Spell Token price prediction.
What is Spell Token Used For?
Spell Token is the governance token that powers the Abracadabra ecosystem. The tokens themselves are classed as interest bearing tokens, which are used as collateral to borrow a USD-pegged stablecoin called MIM (Magic Internet Money).
This offers the chance for previously locked-in capital that can’t be put to further use, to be freed up and used. Aside from borrowing, the platform also offers leverage.
The platform uses Kashi Lending technology to provide isolated lending markets. This allows users to adjust their risk tolerance according to the collateral they decide to use. By heading over to the borrow page on the website, users will be able to select the collateral they wish to borrow against, and then connect their crypto wallets in order to do so.
One of the other features of using Kashi is that it allows users to leverage their interest-bearing token positions. What’s more, this can be done completely automatically. Users should select the desired leverage and deposit their collateral.
Then the protocol borrows the desired MIMs and swaps them to USDT, before depositing them into a Yearn Vault to create yvUSDT. These are then deposited back into the Abracadabra to collateralise the user’s position.
Aside from both of these uses, the coin can be held as a speculative asset in a wallet and bought and sold for profit like any other crypto. Currently, Coinbase has a 92% buy rating on Spell, so it seems that the majority of investors are buying up the coin, anticipating selling at a higher price.
What Drives the Price of Spell Crypto?
The above utility, as well as wider market conditions and sentiment, are the drivers behind the price of Spell Token. We can see how these factors have driven the price of the coin through its price history. For example, the coin initially saw a jump in price. This was likely due to the initial hype surrounding the utility of the leverage and borrowing abilities.
At the same time as this, market conditions were very favourable. However, as time has progressed, there have been minimal new updates for the coin, as well as a more bearish market trajectory. This has pushed the price lower and kept the price depressed. If more updates are released for the coin, then perhaps the price will rise accordingly, highlighting utility as a key driver of growth.
Is Spell the Best Coin to Buy in 2023?
So far, we have taken a closer look at the encouraging crypto project Spell. However, is Spell the best crypto to invest in right now? We think that Tamadoge, a new crypto in its presale stage, could be a better option for long term growth.
Like Spell, Tamadoge has a strong focus on utility. This will help it outlast many other crypto “hype” projects – Dogecoin being a prime example – which has little to no utility. The coin was created to power the Tamaverse ecosystem, and is inherently deflationary in nature, meaning its value won’t disintegrate.
Within the Tamaverse ecosystem (an early stage metaverse), users compete with each other to earn Dogepoints. These are added together and whoever has the most at the end of each month has the chance to earn winnings from the Dogepool, a community prize pool.
Aside from competing, users can interact to create, breed, trade, and care for their Tamadoge pets, which will be in the form of NFTs. The coin itself is one of the best ERC-20 tokens, which is fast and secure, and built to ensure a seamless user experience. As more and more people enter the metaverse and use the Tamadoge crypto, its price should increase, which is great news for early investors.
This project has already raised more than $5 million in a few short weeks and may sell out soon.
The project has an action packed roadmap in place, which it aims to complete by the end of 2023. At its current stage, the token is concerned with positioning itself to power the Tamaverse. As its growth cycle progresses, the project will look to build partnerships with existing well established metaverses to help promote Tamadoge.
In addition to this, it is soon to be listed on LBank and Uniswap. Upon the completion of the roadmap, the project hopes to have a whole arsenal of play to earn arcade games, all of which will be powered by the TAMA coin. Physical prizes can be won for playing these games, which is an awesome feature to note.
In addition to this, the platform is working on a virtual reality augmentation, which will allow users to play with their pets alongside their real world environment! To find out more about the platform, the crypto, and the presale, readers should click on the link below to visit the Tamadoge website.
There’s no doubt, the crypto space has proved to be one of the most profitable investments of our time. Spell token seems well placed to reap the benefits of any future bull run that may occur. A major reason for this is the high utility, where the coin powers the Abracadabra ecosystem. This utility has helped the coin deliver some huge gains since its inception into markets in 2021.
However, if readers are looking to get their hands on another crypto with the potential for high growth, then we recommend IMPT. It has equally high utility and an action-packed roadmap, featuring things like a green NFT marketplace, and much more.
IMPT - New Eco Friendly Crypto
- Carbon Offsetting Crypto & NFT Project
- Industry Partnerships, Public Team
- Listed on LBank, Uniswap
- Upcoming Listings - Bitmart Dec 28, Gate.io Jan 1st