Crypto Market Meltdown: MemeCore Crashes, MIM Loses Dollar Peg

The cryptocurrency market has experienced significant turmoil in recent hours, with MemeCore's token plummeting by 76% and Magic Internet Money (MIM) losing its dollar peg to around $0.50.

Critics had questioned the sustainability of MemeCore's valuation, which reached a multi-billion dollar level despite insiders allegedly controlling over 90% of its supply.

As MIM lost its peg, trading volume surged by nearly 375%, with holders rushing to exit their positions. However, the token's market cap remained relatively stable at around $52 million, a fraction of its fully diluted value of $351 million.

The Abracadabra team behind MIM acknowledged the situation and took emergency actions to remedy it, including raising interest rates across its Cauldron lending markets to encourage borrowers to repay their MIM-denominated debt. They also paused direct incentives and Curve liquidity bribes until the peg returns.