Amid the crypto market carnage this weekend, another stablecoin slipped below the $1 peg on Saturday, June 18, as the crypto asset called magic internet money (MIM) briefly dropped to a low of $0.914 per unit. The Abracadabra-issued stablecoin dropping in value follows the recent terrausd (UST) failure and USDD’s recent volatility last week.
Stablecoin Magic Internet Money Loses $1 Parity But Regains Strength After the Fall to $0.91
In mid-May 2022, the entire world witnessed an algorithmic stablecoin called terrausd (UST) depeg from its $1 parity and slide below a U.S. penny in value. In fact, UST’s failure obliterated the entire Terra blockchain ecosystem of tokens until they were near worthless.
Last week, Bitcoin.com News reported on Tron’s algorithmic stablecoin USDD and how it dropped to a low of $0.95 per unit. The Tron Reserve DAO has been adding significant amounts of reserves like USDC and TRX to keep the token overcollaterized.
Despite the funds being added, on June 18,...
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