TIME, MIM and LUNA Tokens and Coins Suffer from Wonderland Drama
The previously market-leading token, Luna, has lost more than 25% of its value following news about the defunding of the MIM stablecoin that caused additional panic around the asset.
According to TradingView, LUNA has lost 27% of its value in the past six days, in addition to the 32% loss from the all-time high reached at the end of December. During the global downtrend in the cryptocurrency market in the last month of 2021, Luna performed significantly better than the majority of the market with a 133% run to the ATH.
MIM funding issues
The funding of the stablecoin was drained by more than 40% from $530 million to approximately $300 million on CurveFinance. The reason behind the liquidity is more likely tied to news about Wonderland developers being involved in the QuadrigaCX exit scam.
Many Wonderland projects are tied to the Abracadabra protocol, which serves as the basis for the Magic Internet Money stablecoin. The panic around this coin and LUNA is fueled by the fact that all assets are linked to each other.
As funding data suggest, after the first news about scandalous developer deanonymization appeared in the space, funding of UST and MIM stablecoins almost immediately dropped by approximately 30%.
Wonderland expels Sifu
According to the most recent data on the channel, the Wonderland DAO community has launched a vote to remove former Quadriga developers from the project.
According to CoinMarketCap data, the price of the Time token has swiftly dropped from approximately $1,000 to $385 in a week. Users have tied the increasing selling pressure with the project’s developer constantly moving $200,000 worth of TIME tokens from the market.
