Magic Internet Money token depegs as Terra (LUNA) domino effect persists
2022.06.18 10:35
Magic Internet Money token depegs as Terra (LUNA) domino effect persists
Magic Internet Money (MIM), a US 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 the MIM token commenced roughly on June 17, 7:40 pm ET, which saw the token’s price drop to $0.926 in just three hours.
Terra’s LUNA and TerraUSD (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: CoinMarketCapSestagalli’s conversation on MIM Discord group. Source: @AutismCapital
