Who is a Crypto Degen?
A degenerate crypto is a cryptocurrency trader who frequently engages in highly speculative and risky transactions.
The word “degen” is derived from the word “degenerate”, which is often used as a derogatory term in gambling circles to describe a gambling addict who bets money or assets that they can’t afford to lose.
Techopedia explains
The term “crypto degen” is not considered a disrespectful term within the crypto community. In fact, crypto enthusiasts often boast about calling themselves and others crypto degens.
The term has become appreciated within the even culture and even fostered a strong sense of camaraderie within the community.
Cryptocurrencies have always been different from investors in traditional asset markets. They tend to talk openly about their investing mistakes on social media platforms and like to make fun of themselves.
They are considered passionate and committed members of the crypto community who are very vocal about their love for their favorite. token and project.
Passionate crypto-degens actively participate in community development activities and Beta testing and offer valuable feedback and ideas for their projects.
They sometimes tend to be overconfident. It is not uncommon for them to declare on X (formerly Twitter) that they are considering “apping” their favorite token. They love to use terms like “LFG” when their crypto goes up and “HODL» when he falls.
What Defines a Crypto Degen?
Here are some characteristics of a degenerate crypto:
- Risk appetite: They love winning more than they hate losing. They are not afraid to deploy a large amount of money into the market to make potentially massive gains. They often invest in tokens at an early stage and coins in search of excessive gains.
- Lack of due diligence: A crypto degen does not carry out extensive research before investing. Their investment technique can be considered impulsive or spontaneous. They pay little attention to tokenomicsfundamental analysis and technical analysis.
- Meme culture: Crypto degens love sharing memes on social media. Memes about the crypto market, news, and life are powerful instruments that evoke laughter, familiarity, and camaraderie.
- Vulnerability: Due to cryptocurrencies’ reckless and impulsive investment style, they are vulnerable to carpet pulls And scams. They are also likely to fall victim to a herd mentality and are easily influenced by fear of missing something (FOMO).
- Interest in experiments: Crypto-degens love exploring the latest news blockchain and crypto applications and services. They actively participate in decentralized finance (DeFi) like providing liquidity to pools, yield farming, stakingloans between individuals and non-fungible token (NFT).
- Passion for NFTs and Memecoins: Crypto degens love trading coins and collecting digital art. History has shown that finding the right timing for a coin spree can often generate millions in trading profits. Most crypto degeners hope to replicate such lucrative exploits.
- Confidentiality and decentralization: Cryptocurrencies are attracted to cryptocurrencies for their decentralized and privacy-preserving properties. They usually use a pseudonym on social media and often use NFTs as their profile picture.
The essential
Crypto degen can be defined as a subculture within the crypto industry. To truly understand their behavior, you will need to be an active member of the crypto community on social platforms such as X and Discord.
To the outside world, a crypto degen is a speculative crypto trader. But there’s more to this complicated character.
