MIM stablecoin drops to $0.87 as algorithmic dollar tokens keep losing their pegs

Abracadabra’s MIM stablecoin took a major reputation and valuation hit today June 12 as it fell as low as $0.87 across multiple chains. The dollar-pegged token’s slide adds to a growing list of algorithmic dollar tokens that have failed to hold their $1 target when liquidity dried up. The depeg on Arbitrum was flagged by...