Magic Internet Money token depegs as Terra (LUNA) domino effect persists
Cointelegraph
Published Jun 18, 2022 01:35AM ET
Updated Jun 18, 2022 03:20AM ET
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.
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Written By: Cointelegraph
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