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Normie Plunges 99.8% After Exploit, Trump Meme Coin Soars
Normie, a meme token on the BASE blockchain, has seen its value drop. Meanwhile, some meme coins betting on the former president Donald Trump’s fame has helped the meme sector in terms of gains in the last 24 hours.
The alleged attack caused Normie’s value to plummet an astonishing 99.80% to just $0.00008013. At the time of writing, the token is struggling to recover and is still 95% below its pre-exploit price, trading at $0.001903.
24 hour Normie price chart | Source: CoinGecko
The exploration caused Normie’s market value to initially fall to less than $200,000, a significant drop from its previous high of $40 million. Since then, her market value has increased slightly to around $1.5 million.
The attacker allegedly identified and exploited a flaw in Normie’s contract, specifically targeting a weakness in its tax mechanism. Using this loophole, they performed a flash loan attack, draining a substantial amount of the token’s value.
Network analyst Golden Degen turned to X to try to shed light on the Normie exploit, claiming it began when the attacker’s wallet was funded through the Secret Network.
As $ NORMIE was exploited and went from MC of $40 million to MC of $100 thousand in 1 minute, who else was affected and what was the @NormieBase team can do to correct this situation:
1. The explorer’s wallet was funded by a secret network
2. Contact Normie had a pre-market user map that ignores… pic.twitter.com/SuTqTlJf4W
-Golden Degen (@0xGoldenDegen) May 26, 2024
O vulnerability it was in the Normie smart contract. The pre-market user map crash bypassed checks in the swapAndLiquify function.
This loophole allowed tokens to be minted and sold without restrictions. According to Golden Degen, the contract verification process only checked whether the token balance matched that of the team’s wallet. If the balances were equal, it allowed the minting of tokens.
The exploiter allegedly took advantage of this by manipulating the token balance to match the team’s wallet balance. They then began minting and selling large quantities of tokens on the open market, significantly increasing the total supply and reducing the price.
Following the attack, the Normie team took to social media to address the situation, assuring incumbents that the matter would be resolved soon. They also asked people not to buy any Normie tokens minted by the exploiter.
Soon after, the team reported that the explorer contacted them and offered to return 90% of the mined Ethereum (ETH), keeping 10% as bug bounty.
In the message, the explorer also gave a condition for the return of funds, asking that more than 600 ETH in the development wallet be used to launch a new token to fairly reimburse Normie holders.
Source: Basescan.org
The Normie team has since signaled agreement with the explorer’s demands and is considering a relaunch and airdrop for current Normie holders.
Explorer, we accept your offer to return 90% of those exploited $ETH. You can keep 10%, without reprisals.
All $ETH from the normie dev wallet will be used to correct this situation and help with our relaunch.
-Normie (@NormieBase) May 26, 2024
An important decision now is determining the timing of the airdrop – just before the exploit takes place or at the time they officially announced that users should not purchase any more Normies.
MAGA reaches historic record
In contrast to Normie’s troubles, some meme coins betting on the Republican presidential candidate Donald Trump’s fame led the meme sector in terms of gains over the last 24 hours.
After Donald Trump’s participation in the Libertarian National Convention, MAGA (TRUMP) and vice president of MAGA (MVP) saw their prices soar 28.9% and 26.1%, respectively, according to data from CoinGecko.
24-hour TRUMP price chart | Source: CoinGecko
At the time of writing, TRUMP is trading at $11.11, although it momentarily reached a new all-time high of $11.81 during this period. The meme coin currently has a market cap of $520 million and a 24-hour trading volume of $15.3 million.
In turn, MVP is currently worth $0.5501 per token, which is still more than 21% below its all-time high price. Still, the coin has made massive gains, recording an impressive 145% increase in its price in the last two weeks.
Doland Tremp
Another Trump-inspired meme coin, Doland Tremp (TREMP), was also among the top five gainers of the day, recording a 24.3% increase, trading at US$1.21.
TREMP has also seen significant growth together, with Donald Trump intensifying his campaigns and making openings for the crypto community. In the last 30 days, the currency’s value has skyrocketed by 270%.