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Here’s why memecoin Normie Coin (NORMIE) has imploded

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on May 27, 2024
Updated: May 28, 2024
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  • The altcoin launched massive declines on Sunday, losing 99%.
  • Hack on the Base-based token triggered the relentless price slump.
  • Normie's team is working with the hacker, negotiating a refund.

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Normie Coin’s price began an immense bearish move early on Sunday. The memecoin dipped to $0.0032 within one hour – a 92% plunge. 

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NORMIE extended its downside to hover at $0.0000019 at press time, losing 99% of its value. 

NORMIE 7D Chart on Coinmarketcap

The asset’s 24-hour trading volume has dropped by 86% to $5.95 million, whereas NORMIE’s market cap plummeted from $40 million to $2,500.

A flash loan attack dented the altcoin’s trajectory as the overall market attempted recoveries. The fraudster magnified the token supply after exploiting Normie Coin’s contract taxation mechanism.

Hacker to return the stolen funds under stiff conditions

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After the incident, the perpetrator agreed to refund 90% of the stolen Ethereum assets and retain 10% as an incentive.

While Normie promised to use the recovered funds to solve the matter and relaunch the project, the attacker issued strict conditions for the refund. 

The hacker wants the project to use the retrieved assets and the $2.3M in the developer’s address to launch a new coin for reimbursing affected holders.

Normie’s hacking incident remains fluid, though it seems the team has opted to satisfy the attacker for the community’s safety. 

Meanwhile, the overall market displayed stability despite the pessimistic situation, with Bitcoin maintaining beyond $68.57K. 

Also, the memecoin market remains unmoved, with PEPE (+12%) and FLOKI (+17%) leading the upsides on the daily timeframes.

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