Shitcoin season is far from over

Digital artist Johnny Shankman has released a video that takes a time-centric approach to creating new coins. With just a few clicks and quick typing, Shankman was able to write and deploy a smart contract for a token called EASY_MONEY. The whole process took 27 seconds, and probably the first speedrun memecoin was recorded.

Speedrun has been rooted in the gaming community for decades, rooted in classics like Dragster and Super Mario Kart, where players strive to complete video games as quickly as possible. But Shankman’s video takes a tried-and-true approach to taking video games and applying it to Web3 technologies.

The artist’s ingenious display comes amid the frantic memecoin craze, as coins like Pepe and Wojak are posting notable gains. Many of these emerging memecoins are ERC-20 tokens, meaning they are built on the Ethereum network using smart contracts and obey a standard set of rules.

According to their post, the Twitter user improved Shankman’s memecoin speedrun and was able to shave a few seconds off, bringing the unofficial world record down to 22.45 seconds.

The original video has been shared by many influencer accounts on Crypto Twitter such as Loopifyyy and 3orovik, attracting millions of views. The impact of Speedrun enables users to Comment:

“Crap season is far from over.”

As a cryptocurrency-centric term that refers to altcoins in a pejorative way, ethereum co-founder Vitalik Buterin admits that the “shitcoin” label is somewhat subjective. Due to the permissionless nature of Web3, anyone can create tokens.

However, memecoins are not just a joke, they offer the potential for huge profits but often lead to FOMO which can be exploited by the bad guys. ZachXBT, the online blockchain detective known for uncovering cryptocurrency scams show Number of retweets and “what the hell is that?” replies on speedrun.

As of press time, Loopifyyy’s post has garnered more than 14,000 Twitter bookmarks, far more than likes and retweets.

“You just showed how to make a rug pull and we’re done”, one user Commentalluding to a popular cryptocurrency scam in which token development teams suddenly disappear when the value of an asset drops.

While Pepe is a standout coin that stands out, many other coin memes (such as Guacamole, Good Gensler, or Ignore Fud) have made anonymous names popular among some traders. On Twitter, SlorgoftheSlugs claimed that the speedrun will give way to an “oversaturation” of new, unproven tokens.

But not everyone thinks the speedrun’s wide-ranging impact matters, like RepeatAfterVee on Twitter debate:

“The more people know how easy it is to generate tokens, the more likely they are to think twice before buying these worthless numbers on a screen.”

The original speedrun creators agree, say more This could make the mystique of meme tokens less dangerous. Shankman wrote:

“Once you know how these things work, it doesn’t make them worthless or easier to create. On the contrary, I think it’s less likely to fall victim to rugby because you know the facts.”

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