Magic Internet Money Price Chart Update [MIM]

The MIM price update as of now is $0.8688. In the previous 24 hours, its trading volume was $134,031, and its value has decreased by -10.61%. As of now, MIM's live market cap is $47,728,572, and it is ranked as the #825 on the Coincu. MIM has a circulating supply of 1,819,116,748 and a maximum supply of 1,819,116,748.

Understanding Magic Internet Money (MIM)

Magic Internet Money (MIM) refers to a stablecoin that is issued by Abracadabra.Money, a decentralized lending platform. With a value of approximately 1 USD, MIM offers stability and reliability to its users.

Abracadabra.Money enables individuals to collateralize their crypto assets in order to secure loans in the form of MIM coins. Once the borrowed MIM is repaid, the platform proceeds to burn the coin from the total circulating supply and returns the collateral to the user. Additionally, MIM coins can be minted on various platforms like Ethereum, BNB Chain, Arbitrum, Fantom, Avalanche, Polygon, and more.

Price Stabilization Mechanism of MIM Coin

A special price stabilization mechanism is implemented by Abracadabra to ensure that the value of MIM remains around 1 USD. This mechanism operates in two scenarios: when users borrow MIM coins and when users hold collateral.

Borrowing MIM Coin

If the market value of MIM falls below 1 USD, users have the opportunity to purchase MIM coins at this reduced price in order to repay their outstanding debts. Investors can also take advantage of this situation by buying MIM and generating profits, leading to an increase in the price of MIM.

Holding Collateral

When the price of MIM reaches 1 USD or higher on major markets, users can mint new MIM coins and sell them for a profit. This action results in a decrease in the price of MIM coin.

Roadmap Ahead

Stay tuned for updates on our roadmap!