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Popular memecoin Normie has seen its price plummet by over 99% after falling victim to a flash loan attack. Here are the details.
A memecoin named Normie has been subjected to a severe attack that caused its price to drop by over 99% in just a minute.
The token’s market capitalization, in a shocking turn of events, plunged from a staggering $40 million to around $170,000.
Normie’s supply was significantly inflated by the attacker exploiting a vulnerability in the token contract’s tax mechanism to execute a flash loan attack. This type of attack involves borrowing a large amount of cryptocurrency and using it to manipulate the market before repaying the loan within the same transaction.
Trading at $0.042 before the attack, Normie’s price has nosedived by 99.54% as of this writing, hovering around $0.0001812.
However, the token was not listed on any major centralized exchanges. It was only trading on Justin Sun’s crypto exchange HTX and decentralized exchanges. The token experienced a staggering 24-hour trading volume of $41.3 million due to the attack.
Normie was operating on Coinbase’s layer-2 solution Base.