The term “degen” traces its roots back to sports betting, where it was a condensed version of “degenerate”, hinting at bettors who wagered large amounts without adequate expertise or insight.
In the cryptocurrency sphere, “degen” characterizes traders who dive into high-risk ventures without thorough groundwork. Such traders often overlook crucial aspects like metrics, tokenomics, and both fundamental and technical analyses. Instead, they might be swayed by superficial elements, such as an appealing logo or a memorable tagline.
While “degen” might carry a hint of criticism, many in the crypto world wear it as a mark of pride. It signifies a daring spirit and a full embrace of the crypto ethos. These individuals are not just passive investors; they’re deeply involved in their chosen projects and communities. Their dedication goes beyond mere investment; they actively participate, share insights, and bolster the community, reflecting their genuine passion for the crypto domain.
A DeFi Degen refers to an individual who delves into the decentralized finance (DeFi) sector, specifically targeting high-risk, obscure, and often unaudited cryptocurrency projects. These traders have a penchant for meme tokens and projects with humorous undertones. The label “DeFi Degen” is frequently linked with price manipulations, especially the notorious “pump and dump” strategies.
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