Magic Internet Money token depegs as LUNA domino effect persists

2022.06.20 11:41

Magic Internet Money token depegs as LUNA domino effect persists

Magic Internet Money (MIM), a United States dollar-pegged stablecoin of the Abracadabra ecosystem, joins the growing list of tokens losing their $1 value amid an untimely crypto winter. The sudden de-pegging of MIM commenced roughly on Frid, 7:40 pm EST, which saw the token’s price drop to $0.926 in just three hours.

Terra’s Luna Classic (LUNC) and TerraUSD Classic (UST) death spiral not only affected the investors but also had a negative impact on numerous crypto projects, including Abracadabra’s MIM token ecosystem — as alleged by Twitter (NYSE:TWTR) handle @AutismCapital.

Depegging of Magic Internet Money (MIM) token price chart. Source: CoinMarketCap

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