What is a Degen in Crypto?
The origin of the term “degen” can be linked to sports betting, where it was used as a shortened form of “degenerate”. Typically used as a derogatory term, it refers to bettors who place large sums of money without the necessary knowledge or expertise to support their bets.
“Degen” is a shorthand term used in the world of cryptocurrency to describe traders who engage in risky, speculative behavior without conducting proper research and due diligence. They are referred to as those who do not pay attention to metrics, tokenomics, fundamental analysis, or technical analysis, and may make buying decisions based on superficial factors like an asset’s logo or a catchy slogan.
Despite its negative connotations, the term “degen” has been adopted by many in the crypto community as a badge of honor, indicating a willingness to take risks and embrace the industry. They are known to be typically committed to the projects and communities they invest in.
Despite the potential for losses, degens are often seen as passionate and committed members of the crypto community. They may contribute to projects through active participation, offering ideas, feedback, and support to help build up communities.