With the rise of popularity of web3, a whole new lingo has emerged. Here are some of the most commonly used slang terms in the cryptocurrency world, so you can understand the conversation and stay up to date on the latest trends.
This slang is used frequently in the community. “WAGMI” stands for We All are Gonna Make It, which is widely used to build confidence and encourage the community not to give up and lose hope. “NGMI” stands for Not Gonna Make It. This is usually used to tell someone that his/her plan of action or decision is wrong and they won’t be successful with this ideology.
WAGMI was initially a meme used within the fitness community to encourage people to work toward their goals even when they feel like giving up. Both WAGMI and NGMI reportedly owe their popularity to Zyzz, an iconic bodybuilder, who has used these catchphrases multiple times in his motivational videos
FOMO - Fear Of Missing Out - refers to investors’ and traders’ fear that they may miss out on an exponential opportunity, and primarily end up investing or buying because of the group behavior at the time.
HODL first originated in 2013 online on the Bitcointalk Forum where a user misspelled “hold” as “HODL” and it stuck. The term evolved into a community movement where the term ended up being an acronym for - Hold On to Dear Life. The connotation here is to have a belief that cryptocurrencies will permeate society and become a standard, and to HODL cryptocurrencies is to invest in a movement that is still in its nascent stages.
FUD - Fear Uncertainty and Doubt - is a marketing and communication term used to psychologically influence people into a negative perception of a particular product or service.
To “shill” means to promote or advertise something, often in a deceptive or misleading way, usually for personal gain. The term is often used to describe someone who pretends to be a satisfied customer or impartial expert in order to boost sales or influence public opinion about a product or service. In online forums, a “shill” is someone who poses as a neutral participant in order to boost the credibility of a product or service being discussed.
“Rekt” is a slang term that is short for “wrecked.” It is commonly used in online gaming and other digital contexts to describe someone who has been defeated, outplayed, or otherwise humiliated. It can also be used to describe something that has been destroyed or otherwise ruined. In other words, it is a state of being completely destroyed or defeated or being liquidated in the crypto market.
An entity or individual owning a large amount of a particular cryptocurrency is called a whale. There is no threshold to identify an entity or individual as a whale, but a distinctive trait of a crypto whale is the ability to impact the market by either buying or selling.
In the context of cryptocurrency, “pump and dump” refers to a tactic used to artificially inflate the price of a certain coin or token, usually through coordinated buying activity, followed by an immediate selling off (dump) of the assets, resulting in a significant price drop. This is often done by a group of individuals or a single entity, who will use various means to promote a coin, including social media, paid promotions, and insider information to create a buying frenzy.
Stablecoins in crypto refers to cryptocurrencies that are pegged to the value of a fiat currency or other assets, such as gold. These coins are designed to reduce volatility and provide a more stable store of value compared to traditional cryptocurrencies like Bitcoin. Examples of popular stablecoins in web3 include DAI, USDC, and TUSD.
If you are interested in learning more about stablecoins, here is an article that we wrote about stablecoins and why they are important.
Altcoins, or alternative coins, refer to any cryptocurrency other than Bitcoin. In the context of web3, altcoins typically refer to cryptocurrencies that are built on top of decentralized networks. They have the potential to offer more advanced features and functionalities compared to traditional cryptocurrencies. For example, many altcoins are built on smart contract platforms which allow for the creation of decentralized applications (dApps)
If you are interested in learning more about altcoins, here is an article that we wrote about altcoins and why they are important.
CEX, or Centralized Exchange refers to a type of cryptocurrency exchange that is controlled by a central authority. These exchanges typically require users to go through a KYC (Know Your Customer) and AML (Anti-Money Laundering) process before they can use the platform. CEXs are centralized due to the fact that they exercise control over the funds that a user stores on the platform.
DEX, or Decentralized Exchange, is a type of cryptocurrency exchange that operates on a decentralized blockchain network. Unlike centralized exchanges (CEXs), DEXs do not have a central point of control and are typically run using smart contracts. The decentralized aspects come from the fact that no DEX has custody of user funds, and fund management is not entity driven, rather smart contract driven.
A “rug pull” is a type of scam in the cryptocurrency market, in which a project’s creators or developers will suddenly and unexpectedly withdraw their funds and abandon the project, leaving investors with worthless digital goods. This is often done after the project has been heavily promoted and the price of the token or NFT has risen significantly, allowing the creators or developers to profit at the expense of their investors.
It is often used in a bullish context, to express the belief that the price of a coin will continue to rise dramatically. It can be used in social media, forums, and other online platforms as a way of expressing excitement or optimism about the potential of a particular coin or token to rise in value. The phrase is also used as a metaphor for the idea that the value of a coin will increase dramatically, reaching a level that is out of this world, like the moon.
DYOR is an acronym for - Do Your Own Research. DYOR is a caution that is given to investors looking to allocate money into a particular currency, NFT project, or otherwise. The idea behind DYOR is to make investors aware that there are risks associated with investing, and thorough due diligence should be conducted before allocating funds. DYOR is also commonly used by influencers to promote a trading strategy or project, to absolve themselves of the risk of a backlash that may come with the promotion of the project, in case it fails.
NFA - Not Financial Advice - is a disclaimer often used in the cryptocurrency community to indicate that the information being shared is for informational purposes only and should not be taken as professional investment advice. It is a reminder that the person or organization sharing the information is not a licensed financial advisor and that any investment decisions should be made after conducting thorough research and consulting with a qualified financial professional. The use of NFA is especially common in online forums, social media groups, and other informal settings where individuals are sharing their opinions and experiences with cryptocurrencies.
BUY THE DIP
A scenario where investors buy massive assets when the asset price is going very low. The idea is that, eventually, that price of the asset will increase.
A “Bitcoin maximalist” is a person who believes that Bitcoin is the best or only cryptocurrency that has real value and potential for long-term success. They believe that Bitcoin is the most secure, decentralized, and scarce digital asset, and it’s the only one that has proven its resilience in the market. They also tend to view other cryptocurrencies as inferior, lacking the same potential for long-term success, and often see other crypto assets as speculative projects that are not worth investing in. Bitcoin maximalists often see Bitcoin as a store of value and a hedge against traditional financial systems and fiat currency. They tend to advocate for Bitcoin over other cryptocurrencies and often criticize other crypto assets, and blockchain projects as well.
A “normie” in the crypto space is a term used to describe someone who is new to or uninvolved in the world of cryptocurrency. They may not have a lot of knowledge or experience with digital currencies and blockchain technology.
The term “flippening” is used in the cryptocurrency space to refer to a potential future event in which a cryptocurrency other than Bitcoin becomes the dominant coin in terms of market capitalization.
“Weak hands” is a term used in the community to describe investors who are easily influenced by market fluctuations and tend to sell their positions quickly at a loss during a market downturn.
“Diamond hands” is a phrase used in the crypto community to describe individuals who are confident in their investments and are willing to hold onto their assets for a long period of time, even during market downturns. This term is used to describe investors who believe in the long-term value of their investments, and are willing to hold onto their assets through both good times and bad. They often see short-term price fluctuations as temporary and believe that the value of their investments will increase over time.
ATH stands for All-Time High. It’s a term used to describe the highest price a particular cryptocurrency has reached.