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The rise of meme coins has taken the crypto world by storm, with investors closely watching their every move. But how quickly are these coins being developed? In a video that has now gone viral, software engineer Austin Griffith proves that it takes less than 30 seconds to create a meme coin.
The video shows Griffith launching a smart contract for a token named EASY_MONEY, which lasts only 27 seconds. The video has inspired a trend of "speedrunning," a concept that originated in the gaming world where players aim to finish games in record time.
The post features Griffith using the Contracts Wizard by OpenZeppelin. He inputs a few parameters and the tool generates the code for a new token, which is then deployed in under 30 seconds. While the EASY_MONEY token was deployed on a testnet and Griffith created the video solely to educate the public, it still raises concerns about how easy it is for anyone to create a token. This is particularly worrisome in the context of meme coins, which are often viewed as a joke.
The speedrun trend has caught the crypto community's attention, and it has even set an unofficial world record of 22.45 seconds. Many investors find the concept interesting, while others believe it could result in an oversaturation of new, untested tokens. Nevertheless, Griffith's video has increased excitement and attention toward meme coins, which could further encourage investors to explore the space and potentially fall prey to scams.
Crypto experts like @ZachXBT have warned that the fear of missing out (FOMO) around these coins can be easily exploited and that investors must be cautious. While meme coins might seem like a novel trend, there are potential returns to be made for those who navigate the space carefully.
Even Ethereum co-founder Vitalik Buterin has acknowledged that alternative cryptocurrencies are not all "shitcoins," although the ease with which anyone can create a token on the Web3 environment is undeniable. As meme coins like Pepe and Wojak continue to attract attention, it remains to be seen if the speedrunning trend will increase scam concerns or create more opportunities for crypto traders.
