Degen

In the crypto space, a degen is short for ‘degenerate’ which originated from its common use in gambling circles. There it was used to describe someone who bets recklessly without much thought or discipline. Within crypto it refers to someone ready to take on super risky bets with an intention of making a huge profit. However, these investors may choose to ignore warning signs, may not do intensive research and could simply be following the hype. You will see the term loosely being used with people who make high-risk gambling bets with crypto tokens rather than casino games.

The term has either a playful or proud connotation when used on social media platforms like X, Telegram or Discord. Many people identify as degens when they feel proud that they are ‘risk-takers’. But some also call it out to act as a warning sign so that people are made aware of the hype distraction.

A fitting example would be when a new memecoin pops up and a degen would buy it for $500 hoping to see 100x returns. That’s classic degen behavior. Or you could hear phrases like– going full degen on this one, Lambo or food stamps! This translates to Hoping to win big, either buy a Lamborghini or lose it all to then depend on food stamps. Degens usually tend to drive a lot of the wild price swings in meme coins and small tokens. While some degens make life-changing money during hype cycles, many lose big.