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Magic Internet Money token depegs as Terra (LUNA) domino effect persists -Breaking


The Magic Internet Money token depegs Terra (LUNA), domino effect continues

The Abracadabra’s stablecoin Magic Internet Money (MIM) is now among the increasing number of tokens that are losing $1 due to the crypto winter. It was US-dollar pegged and has been in circulation since June 17, 7:40 ET. 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:) handle @AutismCapital.

Price chart for Depegging Magic Internet Money (MIM), Source: CoinMarketCap
Sestagalli’s conversation on MIM Discord group. Source: @AutismCapital