Meme tokens have been a key factor in the rise in fees on the Bitcoin and Etherium networks, the details of which we have discussed in a separate piece. And the scale of the increase is surprising: yesterday the average cost of a BTC transaction exceeded $31.

Bitcoin network average fee chart

In the case of Bitcoin, the network was overloaded by the growing popularity of the NFT analogue based on the Ordinals protocol. Today, their total number has surpassed the 5 million unit level. This figure has doubled in the last ten days, which clearly illustrates the scale of the popularity of this phenomenon.

Total number of NFTs based on the Ordinals protocol in the Bitcoin network

Also in demand are so-called BRC20 tokens on the Bitcoin blockchain, which mimic the ERC20 tokens in Etherium. Their total trading volume in the last 24 hours was the equivalent of $203 million. And for a BTC network that has historically been used only for slow value transfers, this is a big achievement.

The situation of BRC20 tokens on the Bitcoin network today

The bottom line is that mock tokens are in a position to wreak havoc on popular blockchains. However, creating them is not as difficult as it seems.

How to create cryptocurrency quickly

It turns out that such projects are easy to create – and you don’t need to be an advanced developer or a blockchain expert to do so. A fresh experiment from an enthusiast named Johnny Shankman proves this claim. In a short video, the developer demonstrated how to create a meme coin in seconds.

Shankman’s video, which shows him creating a project with the eloquent name EASY_MONEY in just 27 seconds, went viral on Twitter the previous day among cryptocurrency enthusiasts. “Cryptospidran” didn’t hold the record for long – the very next day another amateur experimenter reached the bar of 22.45 seconds.

Speedrun is a term popular in the gaming community. It means completing a level or an entire game in as little time as possible. So the main aim in this case is speed, not quality.

Here’s the relevant video from Twitter. If the video does not play, use VPN.

According to Cointelegraph sources, in his video Shankman shows how to use OpenZeppelin’s Contracts Wizard protocol. In this case, the protocol itself writes the token code based on the Etherium ERC-20 standard.

The user only needs to select the basic properties of the coin – the name, the ticker, the amount of token issue for the “development team”, and other features like the ability to burn or vote on the blockchain.

Creating a token in Contracts Wizard

Contracts Wizard produces the code in real-time – you can copy and paste it into another code editor to tweak the meme’s functions manually. But it doesn’t have to – once the user selects the desired properties of a project, the latter will be ready to run.

The launch itself is done using the Remix platform, which compiles a smart token contract and translates it to the specified blockchain.

Shankman launched EASY_MONEY in the Etherium testnet. He did it for a reason: in the comments to the video, the enthusiast said that the token is not traded on exchanges, and the experiment was conducted “for educational purposes only”. Nevertheless, in general anyone can repeat the steps from his instructions and launch hundreds of such tokens on decentralised exchanges.

Remix platform interface

In the end, someone did create a token, appropriately named EASY_MONEY, and started trading it on a decentralized exchange. Shankman assures that it wasn’t him. In addition, he also stated that he would not buy a “fake token”.

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The day after Shankman’s instructions were published, another video went viral on Twitter. It’s a speedrun from a username called diid. He demonstrated the creation of a meme coin in just 22.45 seconds. It seems to be a record so far in this category. Here’s the relevant video, for which it’s worth turning on your VPN in case you need to.

The meme coin speedrun experiment is an unnecessary reminder of how easy it is to launch a project in the cryptosphere. Similar coins appear by the dozens every day, but only a handful get enough hype to reach capitalization of millions of dollars on decentralized exchanges. For example, PEPE was almost the best investment of the last week, but the risks associated with this coin now significantly outweigh the possible profits. That is why experts recommend to allocate only a small amount of capital to link with mem-tokens.

Pepe exchange rate


This situation really illustrates how little value there can be in any given crypto project. Accordingly, investors should be extremely cautious when choosing them, because behind a joke token there may be only the developer's desire to get rich. Under such conditions, it is safer to allocate tiny amounts for such investments - in addition, you can mentally say goodbye to them.

Read about other interesting things in the crypto market in our chat room of ex-wealthy people. There including waiting for the new bullrun to come, which is sure to come.