Normie, a meme token on the BASE blockchain, saw its value drop. Meanwhile, a pair of meme coins based on the fame of former President Donald Trump helped the meme sector in terms of gains in the last 24 hours.
The alleged attack caused Normie's value to plummet by a staggering 99.80% to just $0.00008013. At the time of writing, the token was struggling to regain its footing and was still 95% below its pre-exploitation price, trading at $0.001903.
The exploit caused Normie's market value to initially collapse 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, depleting a substantial amount of the token's value.
On-chain analyst Golden Degen turned to
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The vulnerability resided in Normie's smart contract. The bug 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 coincided, it allowed the minting of tokens.
The exploiter allegedly took advantage of this by manipulating their token balance to match the team's wallet balance. They then began minting and selling large amounts of tokens on the open market, significantly increasing the total supply and driving the price down.
Following the attack, Normie's team took to social media to address the situation and assured headlines 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 mined ethereum (eth), keeping 10% as a bug bounty.
In the message, the exploiter 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 pay Normie holders fairly.
The Normie team has since agreed to the exploiter's demands and is considering a relaunch and airdrop for current Normie owners.
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A key decision now is determining the timing of the snapshot for the airdrop, whether it be just before the exploit occurred or at the time they officially announced that users should no longer purchase Normies.
MAGA reaches its all-time high
In contrast to Normie's woes, a pair of meme coins based on the fame of Republican presidential hopeful Donald Trump led the meme sector in terms of gains over the past 24 hours.
Following Donald Trump's attendance at the Libertarian National Convention, MAGA (TRIUMPH) and vice president of MAGA (MVP) saw their prices soar 28.9% and 26.1%, respectively, according to data from CoinGecko.
At the time of writing, TRUMP was trading at $11.11, although it momentarily hit a new all-time high of $11.81 during that period. 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. Still, the coin has made huge 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, posting a 24.3% rise to trade at $1.21.
TREMP has also seen significant growth overall, with Donald Trump stepping up his campaigns and making overtures to the crypto community. In the last 30 days, the value of the coin has skyrocketed by 270%.
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