MemeCore's M token has seen a dramatic 74% price drop in 24 hours, erasing nearly $3 billion in market value. This sharp decline occurred on low trading volume and without any official announcements, following previous accusations of insider manipulation. Concurrently, Abracadabra is enacting emergency measures, including interest rate hikes on its Cauldrons, to combat the ongoing depeg of its Magic Internet Money (MIM) stablecoin, which is now trading 50% below its intended $1 value.
MemeCore's M token experienced a significant crash, plummeting by approximately 74% within a 24-hour period. This sharp decline resulted in the loss of nearly $3 billion in market capitalization. The dramatic price drop occurred on low trading volume and without any clear exploit or official announcement from the platform. The crash follows prior allegations of insider manipulation that were raised by investigator ZachXBT.
In a related development within the decentralized finance space, Abracadabra is implementing emergency measures to address the worsening depeg of its Magic Internet Money (MIM) stablecoin. The MIM stablecoin has fallen significantly below its intended $1 peg, currently trading at 50% of its target value. As a response, Abracadabra is raising interest rates across all of its "Cauldrons," which are lending and borrowing pools associated with the MIM stablecoin. These measures are intended to stabilize the MIM stablecoin's value.
MemeCore's M token experienced a significant crash, plummeting by approximately 74% within a 24-hour period. This sharp decline resulted in the loss of nearly $3 billion in market capitalization. The dramatic price drop occurred on low trading volume and without any clear exploit or official announcement from the platform. The crash follows prior allegations of insider manipulation that were raised by investigator ZachXBT.