Normie experiences a sharp decline.

Normie, a meme token built on the BASE blockchain, experienced a dramatic crash in value. However, the meme sector as a whole saw gains in the past 24 hours, thanks to a couple of meme coins that capitalized on the fame of former President Donald Trump.

The alleged attack caused Normie’s value to plummet by a staggering 99.80%, leaving it at just $0.00008013. As of now, the token is struggling to recover and remains 95% below its pre-exploit price, trading at $0.001903.

The exploit led to a significant drop in Normie’s market value, falling from its previous high of $40 million to less than $200,000. Since then, the market cap has slightly increased to approximately $1.5 million.

According to reports, the attacker identified and took advantage of a flaw in Normie’s contract. They specifically targeted a weakness in the tax mechanism, executing a flash loan attack that drained a substantial amount of the token’s value.

On-chain analyst Golden Degen provided some insight into the Normie exploit, suggesting that it started when the attacker’s wallet received funds from the Secret Network.

The vulnerability lay within the Normie smart contract, where a flaw in the premarket user map bypassed checks within the swapAndLiquify function.

This loophole allowed the minting and selling of tokens without any restrictions. The contract’s verification process only checked if the token balance matched that of the team wallet, permitting the minting of tokens if the balances matched.

The exploiter manipulated their token balance to match that of the team wallet, enabling them to mint and sell large quantities of tokens on the open market. This action significantly increased the total supply of tokens and crashed the price.

Following the attack, the Normie team addressed the situation on social media, assuring token holders that they would resolve the issue soon. They also advised against buying any Normie tokens minted by the exploiter.

Subsequently, the team reported that the exploiter had contacted them and offered to return 90% of the exploited Ethereum (ETH) while keeping 10% as a bug bounty.

The exploiter’s message included a condition for the return of the funds, requesting that more than 600 ETH in the dev wallet be used to launch a new token and fairly repay Normie holders.

The Normie team has agreed to the exploiter’s demands and is considering a relaunch and airdrop for current Normie holders. The timing of the airdrop snapshot is currently being decided, either just before the exploit occurred or at the moment when users were officially advised not to purchase any more Normies.

In contrast to Normie’s troubles, a couple of meme coins associated with former President Donald Trump experienced significant gains over the past 24 hours.

Following Trump’s appearance at the Libertarian National Convention, MAGA (TRUMP) and MAGA VP (MVP) saw their prices soar by 28.9% and 26.1% respectively, according to CoinGecko data.

At present, TRUMP is trading at $11.11, briefly reaching a new all-time high of $11.81 during that period. The meme coin currently holds a market cap of $520 million and a 24-hour trading volume of $15.3 million.

MVP is currently valued at $0.5501 per token, which is still 21% below its all-time high price. However, the coin has experienced significant gains, with a remarkable 145% increase in its price over the last two weeks.

Doland Tremp, another Trump-inspired meme coin, was also one of the top gainers of the day, registering a 24.3% increase to trade at $1.21.

TREMP has also seen substantial growth, coinciding with Donald Trump’s intensified campaigns and attempts to engage with the crypto community. In the last 30 days, the coin’s value has surged by 270%.

Read more: Strike CEO predicts Bitcoin to reach $1 million in this cycle, emphasizing that we are still in the early stages of the story.