The Base blockchain's meme token, $NORMIE, experienced a catastrophic collapse in market value due to an exploit. The token's market cap plummeted from $41.87 million to as low as $15,000 within minutes, a 99% drop. The exploit, identified as a flash loan attack, exploited a tax mechanism loophole in the smart contract. The rapid decline has raised concerns about the volatility and security of meme coins. One trader reportedly lost $1.16 million, holding 11.23 million $NORMIE tokens now worth less than $150. The $NORMIE team has suspended the token on multiple platforms and is negotiating with the hacker for a bounty in hopes of relaunching the token. According to one developer, the attack has all the makings of an inside job.