A video that has gone viral demonstrates how creating a new cryptocurrency from scratch is now within the reach of anyone with an internet connection, particularly in light of the recent popularity of memecoins in the broader crypto industry.
Johnny Shankman, a digital artist who goes by the Twitter handle whitelights.eth, has created and deployed a new token called EASY_MONEY in just 27 seconds in a viral video that was published on May 6. The video has been described as a speed-run, which is a type of gaming challenge in which players try to complete a game or task as quickly as possible. The record was broken within a day when another person created and deployed a token in 22.45 seconds.
The video, which has gained widespread attention, demonstrates how anyone can create a new token in a matter of seconds using a program called Contracts Wizard, developed by OpenZeppelin, a crypto cybersecurity firm. By using the tool, users can quickly generate code for an ERC-20 token with just a few clicks. Additionally, the program allows users to choose from a variety of potential token features.
In the next step, Shankman compiles the token’s smart contract by utilizing Remix, an application that deploys the token on a blockchain network. He decides to deploy the EASY_MONEY (EZ) token on the Ethereum testnet in the video.
In the comment section, Shankman emphasizes that the video was meant to be educational and explains that since he deployed EASY_MONEY on the Ethereum testnet, it is not a genuine token that people can trade.
Shankman’s video gained significant attention on Crypto Twitter after being reposted by various prominent accounts, including Loopifyyy, resulting in the video receiving over 3 million views across different accounts.
Shankman’s video has become widely popular at a time when the crypto industry is witnessing a surge in the popularity of shitcoins. The recent rise of memecoins has been largely attributed to Pepe, a worthless token with a frog theme that has seen its value soar over 5,000% since it was introduced on April 14.
Shankman mentioned in a subsequent comment that another person had created a token with the same name as the one he created in the video but clarified that he did not create it himself and has no intention of purchasing it.
In under a day, another Twitter account shared a video demonstrating the identical process of creating a new token, but in a shorter time of 22.45 seconds, setting a new informal record for the speed of generating memecoins.