GM, this is The Crypto Explorer, the only newsletter that's so good, it should come with a warning label. 🧣

Here’s what we got for you today:

• 🆕 Create a cryptocurrency in Seconds!

• 🖥️ Bitcoin network faces major backlog!

• 🧱 Around The Block: US Justice Department investigates Binance

🆕 You can now Create a Memecoin In less than 30 Seconds!

A video went viral on Twitter detailing just how easy it is for anyone to create a brand new memecoin in less than 30 seconds.

In that video, Johnny Shankman (also known as whitelights.eth) created and deployed a token called EASY_MONEY in just 27 seconds.

You can watch the whole process here.

And get this, the record was then beaten just a day later, clocking in at 22.45 seconds.

You should watch the video, It's so easy anyone with an internet connection can create one in seconds.

But before you do, just know that the video is only for educational purposes and the token deployed in the video is not meant to be traded or speculated upon.

In other words, it’s just a “shitcoin”

And speaking of shitcoins, they have become increasingly popular in the wider crypto community.

One of the primary drivers of the current memecoin craze is a frog-themed token named Pepe, which is considered "entirely useless" but has skyrocketed in value by over 5,000% since its launch on April 14.

One guy, Castillo Trading bought $1500 worth of PEPE in mid-April, thinking he had hit the jackpot, only to realize he bought the wrong PEPE coin.

This is one cautionary tale for the books!

🖥️ Bitcoin Network Faces Major Backlog!

The Bitcoin network is experiencing a major traffic jam!

In just under two weeks, the number of unconfirmed transactions on the Bitcoin network has skyrocketed from 134,000 to over 390,000, causing a backlog in the mempool.

So why this backlog now?

It’s due to a surge in the minting and transfer of BRC20 tokens and Ordinal inscriptions flooding the network.

It's like everyone wants to ride the Bitcoin train, but the train is full, and no one can get in! 🚂

To clear the backlog, 179 blocks would need to be mined, which would take approximately 1.24 days.

And to make things worse, transaction fees are going up faster than a rocket ship to the moon. 🚀

Fees have gone up by 343% in the past 11 days, with the average fee now standing at $8.82 per transfer.

This backlog issue has sparked discussion on social media lately.

While some are excited about the surge in activity, others have labeled the rise of non-financial transactions as a DDoS or an attack.

Indeed it's a challenging time for Bitcoin users, but hopefully, the backlog will be cleared soon.

Hang in there Bitcoin users.

🧱 Around The Block: US Justice Department Investigates Binance

• ⚖️ Binance is under investigation: US Justice Department investigating Binance for violating Russian sanctions.

• 💰Legal Battle: CEO Brad Garlinghouse says Defending against SEC cost Ripple $200M.

• 📉 Memecoin hype: Pepe’s sudden drop leaves Whale who purchased roughly $3 million worth of the Pepe token just days ago is now sitting on an unrealized loss of around $600,000.

That's all we have for today.

Please don't forget to rate today's email and let us know what you like about it.

In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.