The crypto market has faced sharp volatility over the past 24 hours, with several digital assets suffering heavy losses. Among the biggest losers were MemeCore, which crashed 76%, and Audiera, which dropped 32%, making them the worst performing assets during that period according to CoinGecko.
At the same time, Magic Internet Money lost its dollar peg and fell to nearly $0.50, prompting urgent intervention from the team behind the stablecoin, Abracadabra.
MIM Depeg Sparks Market Concerns
MIM, designed to maintain a stable value of $1, experienced a major breakdown in price stability. According to PeckShield, the token dropped to around $0.50, while data from CoinMarketCap showed it briefly touched $0.46.
As panic spread, trading activity surged nearly 375% as investors rushed to exit positions. Despite the selloff, MIM’s market capitalization remained above $52 million, though far below its fully diluted valuation of $351 million.
Abracadabra acknowledged the depeg and confirmed it had begun emergency measures to stabilize the token.
To reduce circulating supply, the protocol raised borrowing interest rates across all Cauldron lending markets, including inactive ones, to encourage users to repay MIM denominated debt. The strategy aims to incentivize borrowers who originally borrowed MIM at $1 to buy it back at discounted prices, helping remove supply from circulation and potentially restore the peg.
The team also suspended direct incentives and liquidity bribes on Curve until market stability returns. According to the team, the immediate focus is restoring confidence, improving liquidity conditions, and bringing MIM back to its intended peg.
Meme Tokens See Sharp Reversal
Meanwhile, BEAT suffered a sharp reversal after recently posting strong gains. Just a day earlier, the token had emerged as the best performing cryptocurrency among the top 100, surging 40% to $2.40. However, most of those gains were erased as the token dropped nearly 32% in the following 24 hours.
MemeCore saw an even steeper decline, losing roughly 76% in the same period. The token had reached an all time high just two months ago in late April, but has now lost around 85% of its peak value.
Its market capitalization has collapsed from roughly $6 billion at its high to below $950 million.
Manipulation Concerns Resurface
Questions around MemeCore’s valuation and token distribution have resurfaced following the crash.
Blockchain investigator ZachXBT previously raised concerns in April about how MemeCore sustained a $6 billion valuation while insiders allegedly controlled more than 90% of the token supply.
Similar concerns recently emerged around SIREN, which plunged more than 96% after a wallet linked to its largest holder reportedly sold most of the circulating supply.
Blockchain tracking firms Spot On Chain and Lookonchain highlighted the selloff, adding to ongoing concerns about market manipulation and concentrated ownership in speculative crypto assets.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
