Shitcoin Speedrun: Token Made in Under 23 Seconds
A recent viral video reveals the astonishing simplicity of developing a new cryptocurrency, as digital artist Johnny Shankman completes a "speedrun" to deploy a token called "EASY_MONEY" in a mere 27 seconds. This record was soon broken by another user who crafted the "lol" token in just 22.45 seconds, highlighting the straightforward process of bringing a new token to life.
This underscores the remarkable ease of producing low-quality cryptocurrencies, or shitcoins, using resources like OpenZeppelin's Contracts Wizard. With only a handful of leisurely mouse clicks, the Contracts Wizard tool promptly generates code for an ERC-20 token. Although designed to facilitate token creation, the tool may unintentionally contribute to the growing number of subpar cryptocurrencies.
The rising popularity of memecoins, driven by the "utterly purposeless" frog-themed Pepe token, has captured significant market interest. However, this increased attention also brings concerns regarding the authenticity of emerging cryptocurrencies.
The trouble-free token creation process might worsen issues related to scams, rug pulls, and projects with no real substance or practical use.
The rising popularity of memecoins, driven by the "utterly purposeless" frog-themed Pepe token, has captured significant market interest. However, this increased attention also brings concerns regarding the authenticity of emerging cryptocurrencies.
The trouble-free token creation process might worsen issues related to scams, rug pulls, and projects with no real substance or practical use.
