Watch Out: Popular Memecoin Hacked, Price Down 99 Percent

A memecoin called Normie suffered a serious attack that caused its price to drop more than 99% in just one minute.

Surprisingly, the market value of the token in question dropped from 40 million dollars to approximately 170 thousand dollars.

Normie supply increased significantly after the attacker carried out a flash loan attack by exploiting a loophole in the tax mechanism in the token contract. 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.

The price of Normie, which was traded at $ 0.042 before the attack, is around $ 0.0001812, with a 99.54% drop at the time of writing this article.