Now people can create meme coins within 23 seconds: Caution

A new website created by OpenZeppelin allows people to create fresh new meme coins within 22.5 seconds. 

Meme coins are those crypto assets that don’t provide any kind of utility with their corresponding token. In the present time, there are nearly 350 meme coins in the crypto sector & some meme coins responsible for more than $1 billion market cap individually e.g. Dogecoin, Pepe coin, Shiba inu token, etc. 

On 6 May 2023, A crypto Twitter user @whitelights.eth posted a video & showed that he successfully created a meme coin on the Ethereum ERC-20 Testnet 27 seconds & later another video emerged where a guy successfully created a meme coin in only 22.3 seconds. 

memecoin deploy% speedrun 27s pic.twitter.com/OYaXGb5ITR

— whitelights.eth ⌖ () (@iamwhitelights) May 5, 2023

This Twitter user used a program called Contracts Wizard, created by the crypto cybersecurity firm OpenZeppelin. Contracts Wizard creates code for every meme coin & also the creator of the meme coin doesn’t require any skill. 

Meme coins trend 

Over the last 10 days, the popularity of meme coins has surged rapidly. Recently a frog concept-based meme coin “Pepe” surged by 5000% in less than 4 weeks. 

Many crypto experts noted that such an increasing trend of meme coins and also ease for people to create such meme tokens will result in only a very bad outcome for this crypto sector. 

ORC-20 Bitcoin ordinals & Negative impact

In Jan of this year, a few developers brought the concept of Bitcoin ordinals (BRC-20). Recently upgraded BRC-20 protocol to ORC-20. With the help of ORC-20, any person can mint a meme coin with the Bitcoin ordinals for only a single crypto network fee (less than $5). 

On 7 May, the Bitcoin network saw significant transaction traffic, and also the network fees surged to very high. 

Since yesterday, the Binance exchange is facing a huge problem because huge numbers of Bitcoin withdrawal requests on the exchange are pending because of Bitcoin network congestion.

There is a large volume of withdrawal transactions from Binance still pending as our set fees did not anticipate the recent surge in $BTC network gas fees.

Our team is working to accelerate the confirmation of all pending transactions.

We’ll provide updates here.

— Binance (@binance) May 8, 2023

So here we can say the surge in the meme coins only increases the use of Bitcoin & Ethereum for zero productive work. 

Read also: Bitcoin withdrawal was halted on Binance for nearly 2 hours