Emergency Action as Magic Internet Money (MIM) Depegs 50%

Emergency Action as Magic Internet Money (MIM) Depegs 50%

Abracadabra raised interest rates after its Magic Internet Money stablecoin fell more than 50% below its $1 peg on Wednesday.

MIM Depeg Deepens as Abracadabra Defends Peg

MIM traded near $0.48 after falling roughly 50% below its intended $1 peg. Abracadabra began raising Cauldron interest rates to push debt repayment. The depeg renews concerns over DeFi liquidity, collateral risk, and stablecoin confidence. Stablecoins are trusted until traders suddenly remember they are systems, not magic. The MIM depeg has turned a quiet DeFi risk into a live stress test. Can Abracadabra defend the peg? Magic Internet Money has…

Abracadabra announced emergency measures after MIM stablecoi

🚨 $MIM lost its dollar peg and is trading around $0.50, prompting Abracadabra to launch emergency actions. 💸 Abracadabra raised borrowing costs and suspended liquidity rewards to cut the supply in $MIM and stabilize the market. 🛡️ The protocol previously suffered a $13...

MIM Stablecoin Slips From Peg As Abracadabra Liquidity Stress Returns

Magic Internet Money has slipped from its dollar peg again, putting Abracadabra liquidity and Curve pool balance back under pressure. TL;DR MIM has traded below its intended $1 peg during renewed liquidity stress. Curve pool data is central to judging the scale of the imbalance. The episode revives concerns around smaller stablecoins and DeFi collateral loops. MIM Peg Stress Returns Magic Internet Money, the stablecoin issued through the Abraca…

MIM Depegs To $0.50 As Abracadabra Raises Cauldron Rates

Magic Internet Money fell sharply below its intended $1 peg, with MIM on Ethereum trading near $0.50 after a volatile 24-hour window that pushed the stablecoin as low as about $0.43. The move left MIM roughly 50% below peg at the latest tracked price, with the market still showing thin and uneven liquidity across available pools. CoinGecko data placed MIM near $0.5002, down 29.9% over 24 hours and 41.8% over seven days. The 24-hour range stood b…