What is a crypto “degen”? - Crypto in Plain English - Episode 194 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it24 Juni 2022

What is a crypto “degen”? - Crypto in Plain English - Episode 194 - by cryptohunt.it

What is a crypto “degen”?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

“Degen”, short for “Degenerate” was originally used as a negative term describing inexperienced gamblers who’d bet large amounts of money on single bets in the hope of striking it big.

You may have also come across it browsing Reddit’s “Wallstreetbets”, the social media forum where people talk about risky investments in the stock market.

In the crypto scene though, this term has actually become a positive one: It celebrates those people who make wild bets on crypto markets and getting rewarded for the risk they took with large payouts.

And now that you know what a “Degen” is in the crypto context, we should look a little into the culture surrounding the term. A lot of crypto’s value explosion, especially for meme coins like Shiba Inu, can be traced back to influencer marketing. Celebrating risky investments is part of that narrative - and remember: This only works as long as things go up.

Ask yourself: Why do people praise me for taking a win-or-lose position? What do they have to gain?

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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