Normie, a cryptocurrency token built on the BASE blockchain, experienced a dramatic decrease in its value. On the other hand, a couple of meme coins leveraging the popularity of former President Donald Trump contributed to gains within the meme coin sector within the last 24 hours.
As a result of an alleged exploit, Normie’s value plummeted by an astounding 99.80% to a mere $0.00008013. Currently, the token is struggling to recover and remains 95% below its value before the exploit, trading at $0.001903.
The exploit caused Normie’s market capitalization to initially drop to less than $200,000 from its previous high of $40 million. Subsequently, its market cap has slightly increased to around $1.5 million.
The attacker identified and exploited a vulnerability in Normie’s contract, specifically targeting a weakness in its tax mechanism. By exploiting this flaw, they conducted a flash loan attack, depleting a significant portion of the token’s value.
According to on-chain analyst Golden Degen, the exploit originated when the attacker’s wallet was funded through the Secret Network. The vulnerability was found in the Normie smart contract, where the flaw in the premarket user map bypassed checks within the swapAndLiquify function.
This loophole enabled the minting and selling of tokens without restrictions. The contract verification process only verified if the token balance matched that of the team wallet, allowing the minting of tokens if the balances matched.
The exploiter manipulated their token balance to match the team wallet’s balance and proceeded to mint and sell large quantities of tokens on the market, significantly increasing the total supply and causing the price to crash.
Following the attack, the Normie team reassured holders through social media that the situation would be resolved promptly. They advised people not to purchase any Normie tokens being minted by the exploiter.
Subsequently, the exploiter contacted the team and offered to return 90% of the exploited Ethereum (ETH) and keep 10% as a bug bounty. The exploiter proposed a condition for the return of funds, requesting that more than 600 ETH in the dev wallet be used to launch a new token to compensate Normie holders fairly.
The Normie team agreed to the exploiter’s terms and is contemplating a relaunch and airdrop for current Normie holders. An important decision to make is the snapshot timing for the airdrop, either just before the exploit or when users were advised not to purchase more Normie tokens.
In contrast to Normie’s challenges, meme coins associated with former President Donald Trump experienced significant gains in the past 24 hours. Following Donald Trump’s appearance at the Libertarian National Convention, MAGA (TRUMP) and MAGA VP (MVP) witnessed price surges of 28.9% and 26.1%, respectively.
Currently, TRUMP is trading at $11.11, reaching a new all-time high of $11.81 momentarily. The meme coin has a market cap of $520 million and a 24-hour trading volume of $15.3 million. MVP is valued at $0.5501 per token and has seen a remarkable 145% increase in price over the last two weeks.
Additionally, Doland Tremp (TREMP), another Trump-inspired meme coin, was one of the top five gainers of the day with a 24.3% increase, trading at $1.21. TREMP has also experienced substantial growth as Donald Trump intensifies his campaigns and engages with the crypto community, with its value rising by 270% in the last 30 days.