MemeCore slides 76% as stablecoin MIM breaks its $1 peg
A sharp selloff swept through parts of the crypto market over the past 24 hours, with MemeCore's M token plunging 76% and the viral altcoin Audiera (BEAT) falling 32%, the two weakest performers over the period based on CoinGecko data.
At the same time, Magic Internet Money (MIM) broke its intended $1.00 peg, sliding to about $0.50. Blockchain security firm PeckShield flagged the move, while CoinMarketCap data showed MIM briefly touched as low as $0.46.
The depeg sparked heavy exit activity. MIM's trading volume surged nearly 375% as holders rushed to sell, even as its market cap remained a little over $52 million at the time of writing, well below its fully diluted valuation of $351 million.
Abracadabra, the team behind MIM, said on X it is taking "emergency actions" to stabilize the token. Measures include raising interest rates across all Cauldron lending markets—including those previously deprecated—to encourage borrowers to repay MIM-denominated debt. The team's rationale: borrowers who took out MIM when it traded at $1.00 can repurchase it near $0.50 and close positions at a discount, shrinking circulating supply and potentially supporting a rebound.
Abracadabra also said it is pausing direct incentives and Curve liquidity bribes until the peg is restored, adding that its priority is to rebuild confidence, improve market structure, and return MIM to a "healthy (and liquid) peg."
BEAT's decline follows a breakout just a day earlier, when it was the top-performing crypto among the top 100, jumping 40% to around $2.40. Much of that move has now been erased, with CoinGecko showing a near-32% drop over the last 24 hours.
MemeCore suffered a deeper drawdown. After setting an all-time high in late April, the token is now down about 85% from its peak, and its market cap has fallen from roughly $6 billion to just under $950 million.
The slide revives earlier market-manipulation concerns. Blockchain investigator ZachXBT questioned MemeCore's valuation and token distribution in April posts, asking how a token could sustain a $6 billion market cap if insiders allegedly controlled more than 90% of supply.
Similar fears resurfaced recently in another case: the SIREN token fell more than 96% after a wallet linked to its largest holder sold most of the circulating supply, according to Spot On Chain and Lookonchain.
