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Normie Plunges 99.8% After Exploit, Trump Meme Coin Rises
Normie, a meme token on the BASE blockchain, has seen its value plummet. Meanwhile, a couple of meme coins ride the former president Donald Trump’s fame has helped the meme industry in terms of earnings 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 was struggling to regain its position and was still 95% below its pre-exploit price, trading at $0.001903.
24 Hour Normie Price Chart | Source: CoinGecko
The exploit caused Normie’s market value to initially plummet to less than $200,000, a significant drop from its previous high of $40 million. Since then, its market capitalization has increased slightly to around $1.5 million.
The attacker reportedly identified and exploited a flaw in Normie’s contract, specifically targeting a weakness in its tax mechanism. Using this loophole, they executed a flash lending attack, draining a substantial portion of the token’s value.
On-chain analyst Golden Degen turned to X to try to shed light on the Normie exploit, claiming that it began when the attacker’s wallet was funded via the secret network.
As $NORMS was exploited and went from $40 million MC to $100,000 MC in 1 minute, who else is affected by this and what @NormieBase the team can do to resolve this situation:
1. The exploiter’s wallet was financed by a secret network
2. Contact Normie had a pre-market user map that bypasses… pic.twitter.com/SuTqTlJf4W
— Golden Degen (@0xGoldenDegen) May 26, 2024
THE vulnerability resided in Normie’s smart contract. The flaw in the pre-market user map bypassed checks within 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 matched, it allowed the minting of tokens.
The exploiter 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 causing the price to plummet.
Following the attack, Normie’s team took to social media to address the situation, assuring owners that the matter would be resolved soon. They also urged people not to purchase any Normie tokens minted by the exploiter.
Shortly after, the team reported that the exploiter had contacted them and offered to return 90% of the exploited Ethereum (ET), keeping 10% as a bug reward.
In the message, the exploiter also placed a condition for the return of the funds, demanding that more than 600 ETH in the developer’s wallet be used to launch a new token to fairly repay Normie holders.
Source: Basescan.org
The Normie team has since reported the deal with the exploiter’s demands and is considering a relaunch and airdrop for current Normie owners.
Exploiter, we accept your offer to return 90% of the exploited $ETH. You can keep 10%, without retaliation.
All $ETH from the normie developer portfolio will be used to correct this situation and assist in our relaunch.
— Normie (@NormieBase) May 26, 2024
A key decision now is to determine the snapshot timing for the airdrop: either just before the exploit occurred or at the time they officially announced that users should no longer purchase Normies.
MAGA hits all-time high
In contrast to Normie’s woes, a pair of meme coins ride Republican presidential hopes Donald Trump’s fame led the meme industry in earnings over the past 24 hours.
Following Donald Trump’s participation in the Libertarian National Convention, MAGA (TRUMP) and MAGA VP (MVP) saw their prices skyrocket by 28.9% and 26.1%, respectively, according to data from CoinGecko.
24 Hour TRUMP Price Chart | Source: CoinGecko
At the time of this writing, TRUMP was trading at $11.11, although it momentarily reached a new all-time high of $11.81 during that time. The meme coin currently has a market capitalization of $520 million and a 24-hour trading volume of $15.3 million.
For its part, MVP is currently worth $0.5501 per token, which is still more than 21% below its all-time high price. However, the coin has made huge gains, recording an impressive 145% increase in its price over the past two weeks.
Doland Tremp
Another Trump-inspired meme coin, Doland Tremp (TREMP), was also among the top five gainers of the day, rising 24.3% to trade at $1.21.
TREMP has also seen significant growth in tandem, with Donald Trump ramping up his campaigns and delivering results openings to the crypto community. In the last 30 days, the value of the coin has increased by 270%.