A recent viral video highlights the ease with which new cryptocurrencies can be created, potentially raising concerns about the proliferation of so-called “shitcoins.” The video, released on May 6 by digital artist Johnny Shankman, known as whitelights.eth on Twitter, demonstrates the creation and deployment of a new token called “EASY_MONEY” in just 27 seconds.
memecoin deploy% speedrun 27s ⏱️ pic.twitter.com/OYaXGb5ITR
— whitelights.eth ⌖ (🦇🔊) (@iamwhitelights) May 5, 2023
This record was soon surpassed by another user, who completed the process in 22.45 seconds.
— 𝚍𝚒𝚒𝚍 (@0xdiid) May 6, 2023
The video’s popularity coincides with a surge in interest for meme-based cryptocurrencies, or “shitcoins,” which have experienced significant value increases in recent weeks. Shankman’s demonstration utilizes OpenZeppelin’s Contracts Wizard, a tool that simplifies the creation of an ERC-20 token’s code. Users can select various features for their token, which is then compiled using the Remix application and deployed on a chosen blockchain network.
Although Shankman’s EASY_MONEY token was deployed on the Ethereum testnet for educational purposes, the video’s viral success – garnering over 3 million views across different accounts – raises questions about the potential for misuse. As meme coins like the frog-themed Pepe token continue to gain traction, with its value rising over 5,000% since April 14, the ease of creating new cryptocurrencies could contribute to market volatility and speculation.
Shankman has since clarified that he did not create a token with the same name as the one shown in his explainer video, and he will not be purchasing it. Nonetheless, the speedrun video serves as a cautionary reminder of the simplicity with which new cryptocurrencies can emerge and potentially disrupt the market.