Magic Web Cash token depegs as Terra (LUNA) domino impact persists
Magic Web Cash (MIM), a US dollar-pegged stablecoin of the Abracadabra ecosystem, joins the rising record of tokens shedding their $1 worth amid an premature crypto winter. The sudden de-pegging of the MIM token commenced roughly on June 17, 7:40 pm ET, which noticed the token’s worth drop to $0.926 in simply three hours.
Terra’s LUNA and TerraUSD (UST) demise spiral not solely affected the traders but additionally had a unfavorable influence on quite a few crypto initiatives, together with Abracadabra’s MIM token ecosystem — as alleged by Twitter (NYSE:) deal with @AutismCapital.
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