In recent weeks, memecoins have been the talk of the wider crypto industry. A viral video has surfaced, demonstrating how effortless it is for anyone with an internet connection to create a novel cryptocurrency from the ground up.
The video, uploaded on May 6 by digital artist Johnny Shankman, who is also known as whitelights.eth on Twitter, depicts him setting a record of creating and launching a new token, aptly named EASY_MONEY, in just 27 seconds. The record was then broken a mere day later, with a time of 22.45 seconds.
The term “speed run” is derived from the gaming community and usually pertains to completing a game or level at the fastest possible speed.
In a video that has since gone viral, Shankman demonstrated how to create a new token using the Contracts Wizard program from OpenZeppelin, a crypto cybersecurity firm. With just a few clicks of a cursor, the tool generates code for an ERC-20 token, offering users the ability to choose from several potential features.
Once the code is generated, Shankman proceeds to compile the token’s smart contract using an application called Remix and deploys it on a blockchain network. In the video, he deploys his EASY_MONEY (EZ) token on the Ethereum testnet. Shankman clarifies in the comments section that the video is solely for educational purposes and that EASY_MONEY is not a genuine token to be speculated on.
Several prominent accounts on Crypto Twitter, including Loopifyyy, have reposted Shankman’s video, which has now garnered over 3 million views across various accounts. The post’s viral popularity coincides with a surge in the popularity of “shitcoins” within the broader crypto ecosystem. The recent memecoin boom is largely led by Pepe, a frog-themed token that is considered “entirely useless” but has seen its value surge over 5,000% since its establishment on April 14.
In a follow-up comment, Shankman pointed out that someone had actually created a token with the same name as his explainer but divulged that he “did not make it” and he would “not be buying it.”
Less than 24 hours later, a new video emerged from another account on Twitter, that showed the same process being completed in just 22.45 seconds, setting a new unofficial record for the memecoin speedrun.