Is Frogsh*t the next 375,000X memecoin? (Spoiler: no, it isn't)

For sh*tcoins and giggles, we attempted to make our own amphibian-themed memecoin called Frogsh*t (FRGSHT) this afternoon. And it was all going swimmingly.

That is, until we realised it was about to cost us US$441 in a gas transaction fee to actually deploy on the Ethereum mainnet.

We realise we could’ve got it up and running on the Ethereum “Goerli” testnet, paying with Monopoly-money test ETH tokens for gas. But where would be the fun in that?

The point is, it’s actually stupidly easy (with the assistance of an extremely smart Solidity-coding plug-in program or two) to create an ERC-20 cryptocurrency at a very basic, no-utility, no-whitepaper, no-anything-but-a-stupid-name level.

Here was our attempt, which was ready to roll (pending hefty gas fee) in a matter of minutes. In fact, if we were slightly more competent with it all, we apparently could have created it in less than 30 seconds.

And that’s according to a Twitter account called “@iamwhitelights”, which has been gaining a lot of traction today for the following post, in which he shows he was able to “speedrun” a memecoin deployment in slightly more time than it takes to lose all your money in crypto if you don’t know what you’re doing.

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

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

According to US crypto-media sites Cointelegraph and Decrypt, the account belongs to a Brooklyn-based digital artist by the name of Johnny Shankman, who was able to create and deploy (on the Goeril testnet) a coin he dubbed EASY_MONEY in just 27 seconds.

Of course, creating a website and potentially memey image for the token, plus coming up with a half-arsed or piss-taking back story and roadmap – that’ll take you a little bit longer.

To create the token, Shankman used a couple of online applications called Contracts Wizard and Remix, and we can confirm (from following his movements in his tweeted video) that it’s very easy to do.

In a subsequent comment, Shankman noted that someone went and created a token with the same name as his testnet one, but for reals – on the Ethereum mainnet. “I will not be buying it,” he added.

lmfao someone made $EZ on mainnet
🚨 i did not make this
🚨 i will not be buying it
🚨 the internet is crazy pic.twitter.com/lzTK3q1qyn

— whitelights.eth ⌖ (🦇🔊) (@iamwhitelights) May 6, 2023

Of course, seeing as his tweet has now pretty much gone viral, others in the space have been trying to “speedrun” tokens faster than 27 seconds, and here’s one who managed it in just 23 secs. Crypto is nothing if not full of ridiculously competitive gamer degens, after all.

memecoin deploy% speedrun (rug skip, autocomplete skip) 22.45s (WR)⏱️ @iamwhitelights pic.twitter.com/LDOsfbYNV4

— 𝚍𝚒𝚒𝚍 (@0xdiid) May 6, 2023

As we noted earlier, the memecoin frenzy has cooled off somewhat today – at least for those who only have time to look at the frothy sub-genre on a surface level and aren’t expertly trading and/or analysing the scene…

$PEPE has changed many lives, after doing a 375,000x in just 21 days.

But you can change yours too.

Here's my full guide to finding meme coin gems (and trading them for crazy returns). 🧵

— Miles Deutscher (@milesdeutscher) May 5, 2023

Where’s $PEPE and his other top meme mates at, then? Let’s take a quick look…

The tweet below from digital artist Beeple (the lucky sod who sold an NFT artwork for US$69 million a little over a year ago) is probably a tad premature regarding the death of DOGE at the hands of a giant PEPE monster.

Still, the leading frog coin (which manages to sound even more ridiculous than “the leading dog coin”) is hanging in there for now above its newly attained US$1 billion market cap, and so we’ll keep tracking it with some interest*.