Memecoins
Normie drops 99.8% after exploit, Trump coin rises
Normie, a meme token on the BASE blockchain, saw its value collapse. Meanwhile, a few meme coins overlap with the ex-president that of Donald Trump fame has helped the meme industry in terms of earnings over the past 24 hours.
The alleged attack caused Normie’s value to drop an astonishing 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-mining price, trading at $0.001903.
Normie 24 hour price chart | Source: CoinGecko
This feat caused Normie’s market value to plummet to less than $200,000, a significant drop from his previous high of $40 million. Since then, its market capitalization has increased slightly to around $1.5 million.
The attacker allegedly identified and exploited a loophole in Normie’s contract, specifically targeting a weakness in its tax mechanism. Using this flaw, they executed a flash loan 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, saying it began when the attacker’s wallet was funded through the secretive network.
How $NORMIA was exploited and went from 40 million MC dollars to 100,000 MC dollars in one minute, who else is affected and what is the problem? @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 resides in the Normie smart contract. The flaw in the pre-release user map bypassed controls 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, this allowed tokens to be minted.
The exploiter allegedly took advantage of this by manipulating the balance of his tokens to match the balance of the team’s wallet. They then began minting and selling large quantities of tokens on the open market, significantly increasing the total supply and causing prices to fall.
Following the attack, Team Normie took to social media to address the situation, assuring holders that the issue would be resolved soon. They also urged people not to buy Normie tokens issued by the exploiter.
Shortly after, the team reported that the exploiter contacted them and offered to return 90% of the mined Ethereum (ETH), keeping 10% as bug bounty.
In the message, the exploiter also set a condition for the return of funds, requesting that over 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 operator’s demands and is considering a relaunch and airdrop for current Normie holders.
Exploiter, we accept your offer to return 90% of the exploited $ETH. You can keep 10%, without retaliation.
All $ETH from the normie development portfolio will be used to rectify this situation and help us with our recovery.
Emission : https://t.co/dCXfXfcG7g
– Normie (@NormieBase) May 26, 2024
A key decision now is determining the timing of the airdrop, either right before the exploit happened or around the time they officially announced that users should no longer purchase Normies.
MAGA hits record high
Unlike Normie’s woes, a few coins ride Republican presidential hopeful that of Donald Trump fame led the meme industry in terms of earnings over the past 24 hours.
Following Donald Trump’s presence at the Libertarian National Convention, MAGA (ASSET) and the vice president of MAGA (MVP) saw their prices skyrocket 28.9% and 26.1%, respectively, according to CoinGecko data.
TRUMP 24-Hour Price Chart | Source: 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 this 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 over 21% below its all-time high price. Nonetheless, the coin has made massive gains, seeing an impressive 145% increase in its price over the past two weeks.
Doland Tremp
Another Trump-inspired coin, Doland Tremp (TEMPERING), 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 stepping up his campaigns and making openings to the crypto community. Over the past 30 days, the coin’s value has soared by 270%.