Full Story Behind the Bitcoin Meme Coin – Magic Internet Money
Magic Internet Money (MIM), a meme coin rooted in Bitcoin (BTC) culture, experienced a dramatic market event earlier today. The cryptocurrency surged to an all-time high (ATH) before crashing 79% from its peak.
The absence of any latest protocol updates, partnerships, or exchange listings pointed to community activity behind the surge. However, some market watchers believe that a post from Kraken, a crypto exchange, could have triggered the pump.
What is Magic Internet Money?
For context, Magic Internet Money (MIM) is a meme coin inspired by the ‘Bitcoin Wizard’ meme. Mavensbot originally crafted it as an MS Paint artwork for a Reddit ad in 2013. The ad quickly received widespread acclaim among early Bitcoin enthusiasts.
Over the years, the community has embraced the “Magic Internet Money” meme, often used to highlight Bitcoin’s unique qualities and poke fun at its critics.
Notably, after over a decade, the original creator turned the meme into an MIM coin using the Runes Protocol in April 2024. This is a fungible token standard on the Bitcoin blockchain. It facilitates the creation and management of digital tokens efficiently.
MIM was launched without any presale or pre-mining. The token was inactive for a month, with no transactions or undisclosed wallets accumulating tokens. It was only after Mavensbot’s tweet that the minting activity began. There are no allocations, with all 21 million tokens circulating.
Why Magic Internet Money Soared and Then Crashed
While the price momentum was quite subdued, MIM suddenly shot up today. The price pumped 417.6% from around $0.0017 to $0.0088, a new all-time high (ATH) for the Bitcoin-based meme coin.
However, the high was fleeting as the price quickly tumbled. At the time of writing, MIM was trading at $0.0018, down 79% from its record peak. This drop also erased around $145 million of its market value as the market capitalization dropped from 184.3 million to $38.8 million.
Despite the sharp decline, MIM remained up by 37% over the past 24 hours, securing second place among the top daily gainers on CoinGecko.
The coin also recorded a 19.6% price increase over the last seven days, outperforming Bitcoin, which declined by 2.7% in the same period. Moreover, market sentiment remained overwhelmingly positive, with 88% of investors bullish on the meme coin.
The rally is speculated to have been triggered by Kraken posting ‘Rune June.’ The crypto community on X has coined the term ‘Rune June.’ It refers to a period of heightened activity and interest in tokens created using the Runes Protocol.
“So it looks like Magic Internet Money MIM is up 8x today. Could be related to the @krakenfx bullish news,” a user posted.
The community is also anticipating a listing for MIM on the exchange, which could also be a bullish catalyst behind the rise.
“The community has done amazing work recently with new exchanges coming on board every week, trading volumes are growing and there’s so many catalysts on the horizon for Runes, not least @krakenfx soon to be listing DOG – MIM will inevitably follow shortly after,” another user stated.
For now, Kraken has not confirmed an official listing. However, the token has secured a spot on Biconomy’s trading platform. Moreover, traders have also been taking an interest in MIM.
According to Xverse, MIM was the third-most purchased, and the second-most sold Rune on June 16.
“DOG, BILLY, and MIM are cooking again, with MIM up 200% in swap volume. Rune June’s back in business,” Xverse stated.
As the supposed Rune June progresses, whether it will trigger another pump for MIM remains to be seen. The strong bullish sentiment raises optimism. Yet the price crash serves as a reminder to exercise caution. This highlights the inherent volatility of meme coins in the crypto market.
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