The rise of meme coins has given birth to a new internet phenomenon: the meme coin speedrun. The trend started when digital artist Johnny Shankman, also known as @iamwhitelights on Twitter, shared a video of himself writing and deploying a smart contract for a token called EASY_MONEY in just 27 seconds. Using a “Contracts Wizard” tool created by crypto cybersecurity firm OpenZeppelin, Shankman was able to generate code for an ERC-20 token, which was compiled and deployed in seconds.
The video went viral on Crypto Twitter, with millions of views and several influential accounts sharing it. The meme coin speedrun has become a topic of discussion in the crypto community, with some arguing that it can lead to oversaturation of new, unproven tokens, while others believe it can make the mystique of meme tokens less of a potential danger.
However, there are concerns that the speedrun may fuel scams and bad actors. While anyone can create a token given the permissionless nature of Web3, meme coins carry the potential for astronomic gains and often lead to FOMO that can be leveraged by scammers. Crypto sleuth @ZachXBT, known for exposing crypto scams, pointed out how many times a repost of the speedrun had been bookmarked, responding “wtf.”
Despite the concerns, Shankman emphasized that the video was made “for educational purposes only” and that his EASY_MONEY token was “deployed on [a] testnet.” He also warned that a token using the same name as his example was circulating, which he “did not make,” and said he “will not be buying it.” The speedrun’s creator believes that knowing how meme tokens work can make them less of a potential danger, since people will know what’s under the hood.
Although the speedrun’s reach was significant, and it may have prompted some traders to think twice before buying, the ease of creating new meme coins remains a concern. These tokens can lead to FOMO-driven purchases that bad actors can leverage for their benefit, making it crucial for investors to do their due diligence before buying any new token.
@ZachXBT, the online blockchain sleuth who has previously exposed crypto scams, expressed his worry about the viral meme coin speedrun. He pointed out that many times the repost of the speedrun had been bookmarked, emphasizing the need for caution.
However, not everyone was as pessimistic about the situation. @RepeatAfterVee on Twitter argued that the more people know how easy it is to create a token, the more likely they will think twice before buying worthless numbers on the screen. Johnny Shankman, the creator of the original video, agreed with this sentiment, stating that the speedrun could make the mystique of meme tokens less of a potential danger.
While the speedrun is undoubtedly impressive and highlights the ease of creating new meme coins, investors should remain cautious and thoroughly research any token before investing their money. With the increasing popularity of meme coins and their potential for significant gains, it is vital to be vigilant and ensure that you are making informed investment decisions.