Crypto:
30349
Bitcoin:
$64.268
% 0.55
BTC Dominance:
%54.0
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Market Cap:
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% 1.02
Fear & Greed:
63 / 100
Bitcoin:
$ 64.268
BTC Dominance:
% 54.0
Market Cap:
$2.34 T

Popular Memecoin Attacked, Price Drops 99%!

Bitcoin

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.

Drops

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.

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