If you’re new to the crypto world, you might feel like you’re trying to navigate an unfamiliar language. With slang terms like degen, FOMO, wagmi, dao, dyor, ngmi, and moon, it can be overwhelming to try and keep up. But don’t worry, we’re here to decode the jargon and help you speak like a seasoned crypto trader.
First, let’s start with:
Gem
Usually stands for something precious in the crypto community, where everyone is looking for the crypto coin gem that will make them rich, it could also be used for NFTs. For example, a super rare NFT is gem, and is gonna worth a lot in the future.
Degen
This term is short for degenerate and is used to describe someone who makes high-risk, impulsive decisions in the crypto market. Think of it like this: someone who invests all their savings into a coin that’s about to plummet is a degen.
Fomo
fear of missing out is a common feeling in the crypto world. It refers to the fear that you’ll miss out on a big opportunity if you don’t invest in a certain coin or token. This can lead to impulsive buying and degen behavior.
Ape or apeing.
This term refers to the popular meme “to the moon,” symbolized by a rocket ship. To ape in crypto means to buy a large amount of a particular token or coin with the hope of it increasing in value.
AMA
stands for “ask me anything,” and it is an online event where people can ask questions to a knowledgeable individual. In the crypto world, AMAs are often hosted by influential people in the community, such as developers, founders, and traders.
Bagholder
refers to someone who is holding onto a coin or token that has decreased in value, often to the point where it is difficult to sell. In other words, they’re stuck with a bag of assets that aren’t worth much.
Bearish
and bullish are terms used to describe market sentiment. A bearish market is one where prices are expected to fall, while a bullish market is one where prices are expected to rise.
Cryptojacking
refers to the unauthorized use of someone else’s computer resources to mine for cryptocurrency.
DAO
stands for decentralized autonomous organization, which is a type of organization that operates on a blockchain network using smart contracts.
DEX
is short for decentralized exchange, a platform for trading cryptocurrencies that operates on a blockchain network, allowing for decentralized control.
Diamond Hands
is a term used to describe someone who holds onto their assets despite market volatility and does not sell during a dip in the market.
DYOR
stands for doing your own research, a common phrase in the crypto world. It means thoroughly researching a coin or token before investing rather than relying on the advice of others.
Floor Is Lava
is a term used to describe a market dip where prices are falling rapidly. In this scenario, traders must decide whether to sell and take a loss or hold on and hope for a recovery.
Flippening
refers to a potential event where a new cryptocurrency becomes more valuable and surpasses an established one, such as Bitcoin.
FUD
stands for fear, uncertainty, and doubt, and it refers to negative or false information spread about a particular coin or token with the intention of decreasing its value.
GM
stands for good morning, a common greeting used in crypto communities, especially on social media.
GOAT
is an acronym for greatest of all time, and it is used to describe the best coin, token, or trader in the crypto world.
HODL
is a misspelling of hold, and it has become a popular term used in the crypto community to describe holding onto assets for a long period of time, regardless of market fluctuations.
IYKYK
stands for if you know, you know, and it is used to refer to insider information or inside jokes within
Mint
refers to the process of creating new coins or tokens through mining or staking.
NFA
stands for no free advice, a reminder to always do your own research and not rely on others for investment decisions.
NGMI
means not giving more information, often used when someone does not want to disclose more details about a particular topic.
Paper Hands
is a term used to describe someone who easily sells their assets at the first sign of market volatility.
PFP
stands for poor financial planning, and it describes someone who didn’t properly plan their investments and is now facing the consequences.
Pump and Dump
refers to a coordinated effort to artificially increase the price of a coin or token through promotion and then sell it for a profit.
Rug Pull
is a term used to describe a sudden and unexpected exit scam by a coin or token’s development team, resulting in a sharp decrease in value.
SAFU
stands for secure asset fund for users, and it refers to a secure storage solution for cryptocurrencies.
Sweep the Floor
is a term used to describe a market dip where prices are falling rapidly, similar to “floor is lava”.
Shill
refers to someone who promotes a coin or token with the intention of increasing its value, often for personal gain.
WAGMI
means we are going to miss it, used to express fear of missing out on an opportunity.
Wallet
A crypto wallet is a platform for storing your crypto or NFTs. It can be custodial (like Binance) or non-custodial (like Gem Wallet)
Whale
is a term used to describe a large player in the crypto market with significant assets and influence on the market. And, of course, there’s “moon.”
This term refers to a coin or token experiencing massive growth, often with no real explanation. When someone says X coin is going to the moon, they mean that the price of that coin is about to skyrocket.
So why is understanding these slang terms important? Well, they’re used often in the crypto community, and if you’re unfamiliar with them, you might miss out on important information. Additionally, they can provide insight into the behavior and attitudes of traders and investors in the crypto market.
So next time you’re scrolling through crypto forums or reading articles, don’t get discouraged by all the jargon. With this handy guide, you’ll speak crypto slang like a pro in no time! And remember, as with any investment, it’s important to do your research and not let FOMO cloud your judgment. Make informed decisions, and protect your crypto assets using a secure wallet.
I hope this blog post helps you understand some common slang terms used in the crypto world!
