Normie plummets almost 100% following exploit as Trump meme coins surge

As a researcher, I find it intriguing how the crypto market can experience such extreme contrasts within a single day. The sudden crash of Normie with an exploit causing a near-total loss of its value is a stark reminder of the risks involved in investing in cryptocurrencies, especially meme tokens.

As a researcher studying the meme token market, I’ve observed that Normie, a meme coin on the BASE blockchain, experienced a significant drop in value during the last 24 hours. In contrast, other meme coins associated with Ex-President Donald Trump saw gains, contributing positively to the overall meme sector.

The astonishing drop in Normie’s value, due to the alleged attack, left it at a mere $0.00008013 – a staggering 99.8% decrease from its previous price. At the moment of writing, the token was attempting to recover but was still significantly low, trading at $0.001903, which represented a 95% decrease from its pre-exploit value.

Normie plummets almost 100% following exploit as Trump meme coins surge

The discovery of the vulnerability caused Normie’s market value to plummet to just under 200,000 dollars, a stark contrast to its prior peak of 40 million dollars. Currently, its market capitalization hovers around 1.5 million dollars.

An intruder allegedly discovered and capitalized on a vulnerability in Normie’s agreement, focusing on a weak point in its tax structure. By exploiting this weakness, they carried out a flash loan assault, successfully withdrawing a considerable sum of the token’s worth.

As a crypto investor following the insights of on-chain analysis provided by Golden Degen, I’ve been trying to understand the recent exploit referred to as “Normie.” According to his findings, this incident reportedly started when an attacker funded their wallet through Secret Network.

One potential way of paraphrasing the given text in natural and easy-to-read language is as follows:

— Golden Degen (@0xGoldenDegen) May 26, 2024

The issue resided in the Normie smart contract’s design, specifically in the premature mapping of users in the swapAndLiquify function, which circumvented intended checks.

This flaw in the system enabled the creation and sale of tokens unfettered, as per Golden Degen’s explanation. The contract’s verification procedure merely ensured that the token balance aligned with that of the team’s wallet. If the balances were congruent, it granted permission for minting new tokens.

The accused individual reportedly manipulated their token holdings to mirror those of the team’s wallet. Subsequently, they started producing and selling vast amounts of tokens on the public market, leading to a substantial increase in supply and causing the price to plummet.

After the unexpected incident, Normie’s team responded on social media, reassuring token holders that they were working diligently to resolve the issue. They additionally warned against purchasing any Normie tokens being generated by the attacker.

After the discovery of the security vulnerability in our Ethereum project, we were approached by the individual who had exploited it. They proposed returning 90% of the stolen ETH and retaining 10% as a reward for uncovering the bug.

The extorter set a requirement in the communication for the restitution of the funds. They demanded that over 600 Ether from the developer’s wallet be employed to initiate a fresh token, ensuring fair compensation for Normie token holders.

Normie plummets almost 100% following exploit as Trump meme coins surge

The Normie team has indicated their acceptance of the exploiter’s terms and are now contemplating a new launch and airdrop for existing Normie owners.

We’ll honor your proposition, Exploiter, by returning 90% of the seized Ethereum ($ETH). Keep 10%, free from any retaliation.The Ethereum in our regular developer wallet will be utilized to resolve this predicament and support our upcoming launch. Tx: [Transaction details]— Normie (@NormieBase) May 26, 2024

One important choice to make now is figuring out when to take the airdrop snapshot – it could be just prior to the exploit occurring or when they publicly advised against purchasing more Normies.

MAGA hits all-time high

Unlike the losses experienced by Normie’s investments, some meme coins benefited from the fame of Republican presidential candidate Donald Trump and led the meme market with impressive gains during the previous 24 hours.

After Donald Trump’s appearance at the Libertarian National Convention, there was a significant surge in the value of MAGA (TRUMP) and MAGA VP (MVP) tokens. According to CoinGecko, their prices increased by 28.9% for MAGA and 26.1% for MAGA VP.

Normie plummets almost 100% following exploit as Trump meme coins surge

As a crypto investor, I’m observing TRUMP‘s price action at the moment. It’s currently hovering around $11.11, but just a short while ago, it reached an unprecedented peak of $11.81. This meme coin boasts a market capitalization of a substantial $520 million and records a 24-hour trading volume of $15.3 million.

The value of MVP stands at $0.5501 per token at present, representing a 21% decrease from its peak price. However, it’s important to note that there has been significant growth in recent times, with a notable rise of 145% in the coin’s price over the past two weeks.

Doland Tremp

Yesterday, the cryptocurrency market saw significant growth, with Doland Tremp (TREMP) being among the top five coins that surged. The price of TREMP increased by an impressive 24.3%, reaching a value of $1.21.

Over the past month, TREMP‘s value has surged by an impressive 270%, coinciding with Donald Trump’s increased efforts in the political and crypto spheres.

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2024-05-26 18:20