According to Coingecko, Degen is “a Shorthand for Degenerate. Degen trading or Degen mode is when a trader does trading without due diligence and research, aping into signals and FOMO into pumps.”
A degen trader will get lured by fancy marketing and promises of quick and juicy returns. He will completely ignore both fundamental analysis (FA) and technical analysis (TA) and let his emotions drive his market trades.
Does that sound like you? Let’s find out.
You know you are a crypto degen when…
- You already sent your fund to the wrong chain and lost it forever.
- You got rug pull by a meme coin you found on r/CryptoMoonShots.
- You staked your BNB on this exotic DEX with insane APY, and the site disappeared.
- You already set your alarm clock to the middle of the night to invest in a presale.
- You already scanned for new BSC token launches and invested in them just because their name looks “legit”.
- After two days of playing with Binance Futures, you x3 your bag and believed you discovered the secret to infinite wealth. You got liquidated the next day.
- You know what “WAGMI” “NGMI” mean.
- You get upset when your grocery bill exceeds $20, but you just spent $200 on a meme coin with zero utility.
- You know what Poocoin is, and it brings you bad memories.
- You already spent hours on a Discord server welcoming strangers just to get whitelisted for a new NFT project.
- You already invested in a coin, changed your mind 5 minutes after, and sold at loss.
- You know what it means when the Telegram group of your favorite shitcoin disappears suddenly.
- One of your investments did x100, but you did not sell because you waited for x1000. You are now at loss, and you still believe it will reach x1000 soon.
- You have two types of crypto friends:
- The “mentor”: he is the one you follow blindly, he got you into juicy airdrops and revolutionary chains, he survived the crash of 2018 and made his wealth since, but he will never sell. Pro-tip: he sold, and he did not tell you.
- The “noob”: he is the one that follows you blindly, you got him into juicy airdrops and revolutionary chains. He thinks you survived the crash of 2018 and made your wealth since. Pro-tip: You dumped on him several times.
- You bought your .eth or .sol name, and you use it as your Twitter handle.
- The first thing you do when you wake up in the morning is to check Binance.
- You are part of a parallel Twitter universe called “Crypto Twitter”.
- You have no idea why NFTs are hot, but you bought a few copycats of BAYC which are now completely illiquid.
- You installed Telegram and you joined dozens of groups that you don’t read except the pinned posts.
- You cannot help “chasing green candles”, get in tokens already 150% up over 24H.
- You have hot wallets all over your computer and smartphone and no idea where you keep the seed keys.
- One day, you decided it was not safe, and you bought a Ledger, but it is still under blister.
- You were told you would be safe in stable, this is why you kept a big bag in UST.
- You can proudly say that you longed a stable coin once. It was UST. To recover your losses.
- You thought LUNA couldn’t get any lower than $1, so you bought some. Then it went to $0.00001.