- The Cryptocurrency industry is expanding, and new ideas and technologies come up every day
- In recent weeks, the term memecoins have captured the attention of the members of the cryptocurrency community
- Here is how you can create a shitcoin in less than 25 seconds, breaking the record of unofficial memecoin speedrun record
Memecoins have gained attention in the cryptocurrency industry. A video on Twitter showed creating a new cryptocurrency is easy. Johnny Shankman produced “EASY_MONEY” in under 27 seconds. Later, the record was broken in 22.45 seconds.
On May 6, Johnny Shankman posted a Twitter video. He completed a “speedrun” to make and deploy “EASY_MONEY” token in under 27 seconds. The next day, the record was broken in 22.45 seconds.
The word “speed run” comes from the gaming community and refers to completing a game, or level in a game, as soon as possible.
memecoin deploy% speedrun 27s ⏱️ pic.twitter.com/OYaXGb5ITR
— whitelights.eth ⌖ (🦇🔊) (@iamwhitelights) May 5, 2023
In the now-viral video, Shankman demonstrates how any user can easily create a new token. This is by using Contracts Wizard, a technology developed by the crypto cybersecurity business OpenZeppelin. With a few mouse clicks, the Contacts Wizard tool generates code for an ERC-20 token. Users can choose from a variety of potential token features on the program.
After creating the code, Shankman uses an application called Remix to compile the token’s smart contract. He then installs it on a specific blockchain network. Furthermore, Shankman chooses to deploy his EASY_MONEY (EZ) token on the Ethereum testnet in the video.
He emphasizes in the comments section that the video was “for educational purposes only”. Furthermore saying that by launching EASY_MONEY on the Ethereum testnet, it is not a real currency on which to speculate.
Notably, Shankman’s video was picked up by a number of large accounts on Crypto Twitter. This includes Loopifyyy, which has since seen the video receive over 3 million views across a variety of accounts.
Shankman’s message has gone viral at a time when “shitcoins” are becoming increasingly popular in the crypto ecosystem. The latest memecoin craze has been spearheaded in large part by Pepe, an “entirely useless” frog-themed token whose value has increased more than 5,000% since its launch on April 14.
In a subsequent comment, Shankman revealed that someone had developed a token with the same name as his explainer, but he “did not make it” and would “not be buying it.”
Another Twitter user posted a new video, completing the same process in just 22.45 seconds, creating a new unofficial memecoin speedrun record, in less than 24 hours.
— diid (@0xdiid) May 6, 2023