A digital artist, Johnny Shankman, also known as @iamwhitelights on Twitter, recently demonstrated how easy it is to create a new token in just under 30 seconds. The method has caught the attention of crypto enthusiasts and brought the proliferation of meme coins into the limelight.
Shankman’s technique involves using a Contracts Wizard created by the crypto cybersecurity firm OpenZeppelin. The wizard generates the code for an ERC-20 coin based on a few inputs. With the help of Remix, the token’s smart contract can be compiled and deployed within seconds. This speedy execution has drawn attention to the world of meme coins which have been gaining traction in recent times.
On one hand, meme coins can lead to astronomic gains and capture the attention of traders. But on the other, they can be a source of FOMO (Fear of Missing Out) and pose risks, as scammers can leverage the frenzy around such tokens. Critics argue that the ease of creating these tokens, as illustrated by the speedrun, could lead to an oversaturation of new, unproven tokens, rendering ‘shitcoin season’ unsustainable.
However, proponents of the speedrun argue that educating more people about how easy it is to create tokens can potentially lead to more scrutiny when it comes to investing. It could, therefore, have an unintended consequence of making investors more cautious, reducing the likelihood of them falling prey to scams. Shankman, the artist behind the speedrun, believes that understanding the process can provide people with a clearer understanding of the inner workings of meme tokens, making them less susceptible to bad actors in the space.
As of now, the popularity of the speedrun has led to over 14,000 bookmarks on Twitter, with many discussing the implications of this knowledge for the world of meme tokens. Whether the process of token creation becoming widely known leads to safer investments or an oversaturation of the market remains to be seen.
While the debate continues, one thing is certain: the crypto space is evolving rapidly, and with meme coins gaining attention, the agility and innovation displayed by developers like Shankman can have far-reaching consequences for investors and enthusiasts alike. The challenge, as always, lies in navigating these new developments without falling victim to scams or the FOMO that often accompanies them.