MemeCoin Normie's market value has experienced a dramatic plunge of more than 99% in just one minute at 11:41 UTC+8, falling from $40 million to less than $200,000. As indicated by DEX Screener data, the drastic plummet is suspected to have resulted from an attack on the coin. On-chain data reveals a major inflating of Normie's supply.
KOL Freedom's analysis suggests that a vulnerability in Normie's system was taken advantage of by the attacker, who reportedly utilized the contract's tax mechanism to carry out a flash loan attack. ZachXBT notes that the initial funds for the attack on Normie were procured from the privacy protocol Secret Network.