Normie Memecoin’s price plummeted over 99% in a minute due to an attack, a common occurrence where attackers inflate supply and drain liquidity pools.
Attacks on the memecoin Normie precipitated a one-minute price decline of more than 99 percent. Such attacks are routine occurrences, so investors do not find them unexpected.
An adversary will typically exaggerate the supply and sell newly minted tokens, depleting all liquidity pools and causing the price to plummet.
The same could be said for Normie. The market value of the asset plummeted from $40 million to $200,000 due to a flash loan attack. WuBlockchain reported the regrettable occurrence:
“Memecoin Normie was attacked, causing its price to drop by over 99% in a minute, reducing its market value from 40 million dollars to below 200 thousand dollars. The supply of Normie was significantly increased, and the attacker used a loophole in the contract’s tax mechanism to execute a flash loan attack.”
Shocking investors, the price, which had been hovering around 0.05 dollars, abruptly added several zeros. Individuals who had invested tens of thousands of dollars were left with only a few dollars.
Despite the critical nature of code auditing in cryptocurrencies, it is frequently disregarded in meme coins. Due to the unwillingness of teams to incur the tens of thousands of dollars required for auditing, these smart contract vulnerabilities are missed, leading to losses in the millions of dollars.
This is particularly prevalent in meme coins as a result of their swift circulation. Regrettably, a significant number of the meme currencies that enter circulation daily are merely repackaged smart contracts from other initiatives.
Consequently, the developers might lack comprehensive technical expertise. Investors must be cognizant of these dangers and recognize that meme coins are susceptible to recurring problems of a similar nature.
By focusing on audited and certified smart contracts, the likelihood of awakening to a 99% loss can be reduced (though not eliminated entirely).
At 69,000 dollars, Bitcoin is trading, and altcoins are generally in the green for the day.
