As the crypto space evolves, many new phrases and expressions have emerged. However, not everyone can understand the nuanced connotations of these newfound terminologies. We've compiled a list of the most widely used crypto slang you need to know.
The acronym FOMO, which stands for "fear of missing out," is the concern that a trader or investor may have about missing out on a lucrative opportunity. It was a significant factor in both Bitcoin's price's sharp spike and decline in 2017.
This anxiety may cause people to act rashly and base investment choices on feelings rather than reason and logic. As a result, FOMO significantly impacts bitcoin values and significantly increases market volatility. Additionally, it may cause far more significant financial losses for investors.
Do your own research, or DYOR is an acronym. It's frequently used in crypto to urge investors to research a project before investing.
A rug pull is a particular kind of cryptocurrency scam in which a development team drops a project before it is finished, draining all assets and leaving investors with useless tokens/coins or assets. The phrase "pulling the rug out from under someone" has inspired this slang.
The acronym HODL, which stands for "hold on for dear life," was really created by mistyping the word "hold," which has persisted and now refers to "keep or retain one's crypto". It alludes to the buy-and-hold tactic. As a result, a cryptocurrency trader who purchases a coin but has no immediate plans to sell it is referred to as a "hodler" of the coin.
FUD, or "fear, uncertainty, and doubt," is a marketing and communications buzzword. It is a psychological strategy used to persuade people to have a sceptical opinion of something, such as a service, industry, or brand, typically by spreading rumours or stirring up fear. Whether intentional or not, FUD can impact the market value of a currency, a business, a project, or market. It can be compared to FOMO's antithesis. People may succumb to FOMO while the markets are soaring; when the markets are down, FUD might spread more quickly.
GM stands for "Good Morning" as a greeting. In cryptocurrency, it's used to spread cheer, say hello to others, and foster community online. Particularly on Twitter, users frequently begin their days with a GM tweet, to which their followers often reciprocate with a GM tweet.
If you know, you know, or IYKYK is an acronym. It suggests that only a tiny group will understand a post or message. The acronym can also be used humorously to criticise someone for disclosing information that is already well-known.
Not Going to Make It is abbreviated as NGMI. When it comes to cryptocurrencies, it's frequently used to foretell future failure due to bad decisions, like selling a token at the bottom despite all indicators from the market that its value is rising. It can also be applied as a moniker to make fun of those who oppose cryptocurrency or don't grasp its fundamental ideas.
We're all going to make it, on the other hand, is the acronym for WAGMI. The crypto community frequently uses the acronym to promote positivity and confidence in a project. It is also used to inspire the neighbourhood to stick together and never give up.
Someone who sells his cryptocurrencies at the first indication of declining prices is known as a weak hand. People with weak hands typically lack confidence in their tactics and are readily alarmed by unfavourable news or an asset's price movement.
A whale is a person or organisation that holds significant holdings of a particular cryptocurrency. The number of coins or tokens possessed must be substantial enough to affect market pricing should holders decide to purchase or sell, even if there is no formal criterion for being deemed a whale. In essence, they have enough money to rig the market.
A whale's trades may temporarily increase volatility due to the scale of their orders, particularly in assets with tiny liquidity. As a result, investors like to maintain tabs on the known industry whales to be ready for when they move.
Shilling is the practice of promoting a particular coin/project to generate interest and persuade new investors to invest. Shillers may also include anyone who receives compensation for promoting a specific coin or token.
Pump and Dump
Pump-and-dump schemes, a type of fraud, entail increasing the price of an asset artificially by false or deceptive positive information. Usually, many people will purchase a specific asset at a low price all at once, increasing the demand and cost of the corresponding support.
The original group will then sell (dump) the assets to make a quick profit, leaving those who bought later typically suffering significant losses. This sudden price increase will then encourage others to step in and buy too.
This is known as apeing when someone purchases a token or NFT soon after it opens without adequate research.
A bagholder holds on to their possessions despite a steady decline in their worth. They may keep their investment even when an asset's worth virtually disappears, typically in the anticipation that its price will soon increase (or simply out of fear of losing).
Bitcoin Maximalists, as its name suggests, think that Bitcoin is the only cryptocurrency with real value and the only digital asset that is worthwhile to support.
BTD is a term that encourages purchasing an asset at a discount from its market value. The phrase "buy the dip" is represented by the acronym, which means to take advantage of the chance to purchase additional cryptocurrency at a lower cost. The belief is that the price will eventually recover and probably appreciate.
In the form of cybercrime known as cryptojacking, a hacker uses the processing resources of an unwitting victim to covertly mine bitcoin on the hacker's behalf. Cryptojacking, often known as "malicious crypto mining," emerged as a significant issue in 2017 when the price of Bitcoin and other cryptocurrencies rose.
When a cryptocurrency is mooning, it signifies that its price is so sharply rising that it is metaphorically travelling to the moon. This term characterises a cryptocurrency anticipated to have a significant upward market trend. Investors looking to time the best sale of their bitcoin to receive the most price for it might utilise this event to help them.
Someone who is highly critical of cryptocurrency and thinks that cryptocurrencies have little to no value is referred to as a "no-coiner." However, Bitcoin (BTC), Ethereum (ETH), and all other digital currencies are not held in the portfolios of "no-coiners," who believe that the cryptocurrency industry is doomed to failure.