Normie, a token in the realm of memes on the BASE blockchain, experienced a dramatic drop in value. Conversely, a couple of meme coins capitalizing on the fame of former President Donald Trump contributed to gains in the meme sector within the last 24 hours.
A reported attack caused Normie’s value to plummet by a staggering 99.80% to a mere $0.00008013. As of the time of this report, the token was striving to recover but still stood at 95% below its value before the exploit, trading at $0.001903.
The exploit resulted in Normie’s market value initially plummeting to less than $200,000, a far cry from its previous peak of $40 million. Since then, its market capitalization has slightly increased to around $1.5 million.
The attacker allegedly took advantage of a vulnerability in Normie’s smart contract by exploiting a weakness in its tax mechanism. By utilizing a flash loan attack, they siphoned a significant portion of the token’s value.
On-chain analyst Golden Degen attempted to shed light on the Normie exploit, suggesting that it began when the attacker’s wallet was funded through the Secret Network. The flaw resided in the Normie smart contract, specifically in the premarket user map, which bypassed checks within the swapAndLiquify function.
This loophole enabled tokens to be minted and sold without constraints. The exploiter manipulated their token balance to match the team wallet’s balance, permitting the minting and selling of large quantities of tokens on the open market, thereby increasing the total supply and causing a price crash.
Following the attack, the Normie team reassured holders via social media that the issue would be addressed promptly. They advised individuals against purchasing any Normie tokens minted by the exploiter.
Subsequently, the exploiter contacted the team and offered to return 90% of the exploited Ethereum (ETH), keeping 10% as a bug bounty. The exploiter also proposed a condition for the return of the funds, suggesting that more than 600 ETH in the dev wallet be utilized to launch a new token to fairly repay Normie holders.
The Normie team has indicated agreement with the exploiter’s terms and is contemplating a relaunch and airdrop for current Normie holders. A critical decision to make is determining the snapshot timing for the airdrop—either just before the exploit occurred or at the moment when they officially announced that users should refrain from buying any more Normies.
In contrast to Normie’s challenges, a couple of meme coins capitalizing on the reputation of former President Donald Trump led gains in the meme sector within the last 24 hours. Following Donald Trump’s participation at the Libertarian National Convention, MAGA (TRUMP) and MAGA VP (MVP) saw their prices surge by 28.9% and 26.1% respectively, according to data from CoinGecko.
At present, TRUMP is trading at $11.11, reaching a new all-time high of $11.81 temporarily during that period. The meme coin currently boasts a market cap of $520 million and a 24-hour trading volume of $15.3 million.
MVP, on the other hand, is valued at $0.5501 per token, still more than 21% below its peak price. Nevertheless, the coin has experienced substantial gains, with a remarkable 145% price increase over the past two weeks.
Another Trump-inspired meme coin, Doland Tremp (TREMP), also emerged as one of the top five gainers of the day, with a 24.3% increase to trade at $1.21. TREMP has witnessed significant growth alongside Donald Trump intensifying his campaigns and engaging with the crypto community. In the last month, the coin’s value has surged by 270%.
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