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.
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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.
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