{"id":11667,"date":"2022-06-18T05:55:44","date_gmt":"2022-06-18T05:55:44","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/magic-internet-money-token-depegs-as-terra-luna-domino-effect-persists\/"},"modified":"2022-06-18T05:55:47","modified_gmt":"2022-06-18T05:55:47","slug":"magic-internet-money-token-depegs-as-terra-luna-domino-effect-persists","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/magic-internet-money-token-depegs-as-terra-luna-domino-effect-persists\/","title":{"rendered":"Magic Internet Money token depegs as Terra (LUNA) domino effect persists"},"content":{"rendered":"
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\u2019s price drop to $0.926 in just three hours.<\/p>\n
Terra\u2019s LUNA and TerraUSD (UST) death spiral not only affected the investors but also had a negative impact on numerous crypto projects, including Abracadabra\u2019s MIM token ecosystem \u2014 as alleged by Twitter handle @AutismCapital. <\/p>\n