A recent trending Twitter video shows how to create a meme coin in just 27 seconds, raising concerns for the meme coin community.
In case you are not familiar, meme coins, also known as 'joke coins' are a type of cryptocurrency that derives its value from internet memes, cultural references, or social media trends - that have no intrinsic value.
While Meme coins have become all the rage again, on May 6th, a digital artist by the name of Jonny Shankman decided to show the world (as a joke) how easy it is to create these joke coins.
It only took 27 seconds...
In his Twitter post, he shared a video where he completed the creation and launching of a brand-new meme token, humorously called "EASY_MONEY" within 27 seconds.
This video has garnered widespread media attention on Twitter and other social media platforms and has started a trend to see who could create the fastest meme coins.
One creator was able to break his record just a day later creating a brand new meme coin in just 22.5 seconds.
The ease and speed at which meme coins can be created have many worried this would result in an increase in meme coin scams...This is a little ironic, as most people already attribute meme coins to scams.
If anything, this viral video has highlighted the importance of conducting thorough research and due diligence before investing in crypto.
How to create a meme coin (> 30 seconds)?
The video uses a program called Contracts Wizard, which is developed by cybersecurity firm OpenZeppelin. The code it uses will create an ERC-20 token (Ethereum) and the user has the ability to choose a number of different attributes to include in the token.
After the code has been generated, Remix is used to compile the smart contract. Once that has been completed, it can be deployed on the chosen blockchain network.
Video Genenrates Over 1M views
The video has already garnered over 1.5 million views and nearly 10,000 bookmarks as of writing this article. The sheer popularity of the video combined with the current meme coin craze, will undoubtedly result in many more thousands of meme coins hitting the market over the upcoming weeks and months.
How will this Impact the Crypto Industry?
Even before the emergence of the video, there had been an increase in the rate of meme coins created. This video will likely propel the current meme coin craze and result in a massive explosion of new meme coins.
The recent popularity of Pepe and other meme coins like WOJACK are being added to the list of already popular meme coins, like DogeCoin and, Shiba Inu. There is clearly a place in the cryptocurrency market for meme coins and a very interesting sub-set of crypto investors willing to speculate in this highly risky side of the market.
In many ways, blockchain technology and its greatest use-case, cryptocurrency is at the cutting edge of technology and social culture. Meme coins are an opportunity for sub-sets of the investor population to invest in and support those values and beliefs they feel important, with the intent of profiting from it.
The Most Profitable Joke in History
However, those looking to get into this recent craze should be aware of how easily meme coins can be created, most don't have any intrinsic value and are completely a joke. But never in the past, has there been the opportunity to make so much money on a joke.