Magic Internet Money (MIM) Sharply Dropped from Record Levels: Community Maintains Optimism
Magic Internet Money (MIM), a meme coin based on Bitcoin culture, recently lost 79% of its value in just a few hours after reaching an all-time high. This sharp fluctuation is believed to be due to the sudden community interest sparked by Kraken's 'Rune June' post.
However, despite the collapse experienced, MIM's 24-hour gain still remains strong at 37%. The community maintains its optimistic stance regarding the project's future.
What is MIM, Where Did It Come From?
MIM was created based on the iconic 'Bitcoin Wizard' meme shared on Reddit in 2013. This meme has been used as a humorous symbol within the Bitcoin community over the years, and the phrase 'Magic Internet Money' has often been preferred to reflect the extraordinary nature of Bitcoin.
In 2024, the original creator Mavensbot took this cultural heritage one step further by bringing the MIM token to life with the Runes Protocol. This standard, which can operate on the Bitcoin network, ensures the efficient creation of tokens.
MIM was launched without any presale or pre-mining. All 21 million tokens entered circulation; no special allocation was made, and almost no transactions occurred during the first month. However, after Mavensbot’s share, minting began and interest grew rapidly.
Why Did the Price Surge and Then Collapse?
After remaining stable for a long time, the MIM price suddenly increased by 417% from $0.0017 to $0.0088, recording a new ATH (all-time high). However, this increase was not permanent. The price quickly fell back to around $0.0018.
This dramatic drop resulted in the erasure of approximately $145 million from the token's market value. The market cap dropped from $184 million to $38.8 million.
Despite this, MIM is still showing a 37% increase on a daily basis. Over the past seven days, it has performed better than Bitcoin, which dropped by 2.7% during the same period with a gain of 19.6%. Community sentiment remains strong, with 88% of investors optimistic about the token.
Did Kraken's Sharing Trigger the Price?
It is suggested that MIM's sudden rise is related to the 'Rune June' themed posts made by the Kraken exchange. 'Rune June' has become a community term indicating the increased activities of tokens produced by the Runes protocol in June.
Some users argue that expectations that Kraken may list MIM fueled this rise. Although there has not yet been an official listing announcement, the MIM token is currently traded on the Biconomy exchange, and trading volume is rapidly increasing.
According to the crypto wallet Xverse, MIM was the third most purchased and the second most sold Rune token on June 16. Xverse included the following statements in its announcement:
'DOG, BILLY, and MIM have become active again. MIM's swap volume increased by 200%. Rune June is back in action.'
What Will Be the Future of MIM?
The crypto community is expecting a second wave of rise for MIM. However, the sharp drop experienced reminds us how high the volatility can be in such meme coins. Trust will need to be rebuilt and strong community support must continue for the price to stabilize.
For now, all eyes are on potential exchange listings and the impact of the Rune June process on projects like MIM.
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