Normie Coin, a popular meme coin, has fallen victim to a devastating hack, resulting in a staggering 99% price drop. The attack, which occurred in a matter of minutes, reduced the coin's market value from a substantial 40 million dollars to a mere 200 thousand dollars. This catastrophic event has left investors with significant losses, with some reporting a reduction of tens of thousands of dollars in investments to mere cents.

The hack, identified as a flash loan attack, exploited a vulnerability in the coin's smart contract tax mechanism, allowing the attacker to inflate the supply and drain liquidity pools, ultimately crashing the price. This type of attack is not uncommon in the cryptocurrency space, and investors are urged to exercise caution, especially when investing in meme coins.

Meme coins, by their very nature, are highly volatile and often lack the rigorous code auditing that more established cryptocurrencies undergo. This neglect can lead to undetected smart contract vulnerabilities, resulting in devastating losses, as seen in the case of Normie Coin. The rapid circulation of new meme coins, often adapted from existing smart contracts, increases the risk of such attacks. Investors must be aware of these risks and take necessary precautions to minimize their exposure. While no measure can entirely eliminate the risk of such attacks, paying attention to audited and certified smart contracts can significantly reduce the likelihood of waking up to a 99% loss.

As the cryptocurrency market continues to evolve, it is essential for investors to remain vigilant and informed. The stability of Bitcoin, currently trading at 69,000 dollars, and the general upward trend of altcoins, offer little comfort to those affected by the Normie Coin hack. The incident serves as a stark reminder of the risks involved in cryptocurrency investing and the importance of thorough research and due diligence.