If you've been on crypto Twitter, Reddit, Discord, or any other social media space long enough, chances are you've come across different crypto slang. Some are obvious to decipher, while others leave you scratching your head.
Here's a quick explanation of 20 everyday crypto slang to keep you in the loop of cryptocurrency conversations:
FOMO (Fear Of Missing Out): This is a sense of envy and panic traders feel when they can't or don't invest in a particular crypto coin or token by buying or selling.
FUD (Fear, Uncertainty, Doubt): This happens when people spread negative information about cryptocurrencies to achieve an aim like lowering the value of a coin.
HODL: Hold On for Dear Life. This means refusing to sell your crypto, especially during periods of high volatility, hoping the price of the coin or token will rise high enough to sell and make a profit.
ICO (Initial Coin Offering): This refers to a crypto company fundraising project where they request investment and offer tokens or free coins as a reward to interested investors and traders.
WAGMI: We Are Gonna Make It. This slang is used to encourage people in the cryptocurrency community to keep trading and investing.
NGMI (Not Gonna Make It): This slang is commonly used by traders who have made a wrong trading decision. You can also use it to describe a coin, token, or crypto project with a low chance of success.
NFT (Non-Fungible Token): These are one-of-a-kind digital assets (like artwork) that can be traded like any other marketplace item and are subject to the standard market laws of demand and supply.
Shill: To shill means to promote a cryptocurrency for personal benefit. Shilling typically happens when a trader has invested in a crypto coin or token performing below expectations. So they shill that crypto in the hope of driving its price up. Shill is also used in the NFT space to promote your NFT to attract buyers.
Gas: means transaction fees on the Ethereum network. It is often used in the context of trading NFTs.
Rekt: means to sell your crypto too early or too late.
Whale: A whale is a person or entity that owns a significant amount of a cryptocurrency (typically bitcoin) in circulation and can affect the market with a single trade.
Cryptosis: This is a constant search and hunger for cryptocurrency knowledge that typically leads to buying crypto coins and tokens and investing in crypto projects.
Bullish: A market or cryptocurrency is bullish when there's an upward increase in price.
Bearish: A market or cryptocurrency is bearish when there's a downward decrease in price.
Pump and Dump: This happens when certain groups of people in the crypto market attempt to manipulate the price of a cryptocurrency to cash out before leaving it to crash.
Lambo/When Lambo: This means when cryptocurrency traders will become rich enough to buy a Lamborghini.
Buy the dip (BTD): This means buying a cryptocurrency when its price has fallen, hoping it will rise again soon.
Market Cap: This is the total value of a particular cryptocurrency.
Vaporware: This refers to a cryptocurrency project that never gets completed despite all the marketing and hype it receives.
Bagholder: This is a person who holds onto a cryptocurrency even when its value falls to nearly zero and doesn't come back up.
To the Moon: This is when a cryptocurrency increases significantly in price.
Cryptocurrency slang may seem confusing initially, but they’re like slang in any other industry, just a bit cooler. So the next time you find yourself in the middle of an offline or online conversation on crypto, use this article as a reminder and refresher on crypto jargon 101.
Disclaimer: This article was written by the writer to provide guidance and understanding of cryptocurrency trading. It is not an exhaustive article and should not be taken as financial advice. Obiex will not be held liable for your investment decisions.