It appears that the world is increasingly moving towards the cryptocurrency industry, but the current focus is on meme coins. The process of creating these assets has been simplified, resulting in an influx of new meme coins in the market. However, a recent tweet highlighting how easy and fast it is to create a meme coin has sparked concern and controversy within the crypto community.
Just as most meme coins are created as a joke, on May 6, digital artist Johnny Shankman, who is also known as whitelights.eth on Twitter, decided to do the same. The artist shared a video in which he completed a “speedrun” of creating and launching a brand-new token called “EASY_MONEY.” This token raised concerns within the crypto community as it was created in a mere 27 seconds.
The term “speedrun” has its origins in the gaming community. It refers to the practice of finishing a video game or a specific level as quickly as possible. In recent times, the term has also been used in the crypto industry. Here it directs to the quick creation and deployment of a new token, as demonstrated in the video by Shankman. The term has evolved to encompass the idea of completing a task related to cryptocurrencies in the shortest amount of time.
As the video began garnering steam other individuals tried to create meme coins in even shorter time frames. One creator managed to break the record just a day later, completing the process in just 22.45 seconds. This trend has sparked concern and skepticism in the cryptocurrency community. As many worry that it could lead to an increase in fraudulent or scam coins flooding the market.
So how do you create a meme coin in under 30 seconds?
In the video, Shankman illustrated how anyone can create a new token in a matter of seconds. This is done by employing a program called Contracts Wizard. This was developed by the cybersecurity firm OpenZeppelin. The tool develops code for an ERC-20 token and users can choose from a variety of attributes to include in their tokens.
Once the code is generated, users can use Remix to compile the meme coin’s smart contract. Following this, it can be deployed on a selected blockchain network. In the video, Shankman deployed his EASY_MONEY (EZ) token on the Ethereum testnet using Remix.
Despite the simplicity of the process, some in the crypto community have expressed concern about the potential for the advent of “shitcoins.” However, Shankman has emphasized that his video was created purely for educational purposes. He further concluded that EASY_MONEY is not an actual token. This highlights the importance of conducting thorough research and due diligence before investing in any crypto.