DeFi Whale Activity Fuels Spell Token’s Price Explosion: Expert Points To More Upside – Here is His Outlook
Spell Token (SPELL), the native cryptocurrency of decentralized lending platform Abracadabra Money, has pumped over 50% in value over the last 24 hours. According to Coingecko data, SPELL hovers around $0.0009342, which marks a significant 59.07% single-day gain. Moreover, the token has appreciated by 56.94% in the past week.
The surge in price comes on the heels of some large transactions executed by prominent DeFi whale DWF Labs. On-chain analyst Shekhar Banerjee tweeted that DWF moved 500 million SPELL tokens worth approximately $526,000 to the Binance exchange yesterday morning. Later, the entity transferred another 700,000 LIT tokens, valued at $838,000, to the trading platform.
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DWF Labs’ Holdings and Market Movements
Despite depositing these sizable amounts to Binance, DWF Labs still holds substantial SPELL and LIT balances based on Banerjee’s figures. Specifically, as of writing, the DeFi whale retains ownership of 819,999,000 SPELL, currently worth $814,792.
The flurry of activity and token movement preceded SPELL’s impressive price pump, indicating a potential connection between the DWF transfers and subsequent market movement. Some have speculated the deposits were made in preparation to take profits on SPELL positions amidst rising prices.
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Show more +Technical Analysis and Future Outlook
Notably, technical analyst Javon Marks sees even further upside potential for SPELL, tweeting that it could be in the early stages of an over 2340% price run towards a target of $0.0235085. Marks notes that SPELL has gained nearly 72% within the past 3 days, showing “major strength” that could foreshadow more massive gains.
As interest in DeFi protocols accelerates alongside crypto market volatility, the SPELL token seems to capture significant investor attention. With momentum still bullish, market participants will closely monitor SPELL price activity to see if its epic run can continue. The next few weeks could prove decisive for SPELL as profits take hold from its 50% single-day explosion.
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