Crypto Life’s Guide to Crypto Slang — Part 2
In case you missed it, we released part 1 back in April, where we dove into some of the most popular terms in the crypto space — such HODL, FUD, GM, and more.
Of course, these were only a small handful of the vast realm of crypto-related words and terms, so we’re going to continue through them in part 2.
No, this isn’t a throwback to the old shilling currency. Rather, SHILL is an illegal market manipulation tactic where someone actively promotes a certain cryptocurrency and encourages other investors to buy, in an attempt to artificially increase its price.
The overall goal of shilling is to inflate its value as much as possible in a short amount of time. People who shill often promote the project on social media or discussion forums to create hype and buzz. After the asset reaches a certain price, the shiller will then sell off the asset — ultimately causing the price to fall rapidly and investors to lose out. This is also known as a “pump and dump” scam and should be avoided.
You might have heard the term “get wrecked” before, but in the crypto world, this doesn’t mean having one too many on a Saturday night. Instead, REKT is often used to describe someone’s portfolio or investment being completely ruined due to losses from a recent price crash. So getting “REKT” might be fun during after-work drinks, but definitely not when it comes to your crypto holdings.
Not a knockoff of the famous brand Dior by any means. DYOR is an abbreviation for “Do Your Own Research” — AKA the best advice to take before investing in any kind of cryptocurrency.
DYOR is given to investors to be aware of the risks associated with investing, and so should take care before allocating funds by researching the project in question. Many crypto influencers also advise their audience to “DYOR” before investing, to avoid the risk of backlash in case it fails.
Crypto whales aren’t the large mammals that roam the deep ocean, but they certainly roam the crypto market. Crypto whale refers to an individual or entity that owns a large amount of cryptocurrency — enough to even manipulate the market when they buy or sell.
Typically someone who holds over 10% of the circulating supply of a cryptocurrency is considered to be a crypto whale. Some investors also carry out “whale watching” to watch a crypto whale’s movement in the market to try and predict their next move and make a profit.
An abbreviation for “We are all gonna make it”, and was originally a meme used in the fitness community to encourage others to continue with their fitness goals. It has since spread to the crypto space in a similar way — to build confidence and encourage the community not to lose hope, especially in times of extreme volatility.
WAGMI is often used in the NFT space, in hopes that a group of holders will earn significant returns from their purchases and participation in the NFT ecosystem.
On the other hand, NGMI means “Not gonna make it”, which, unlike WAGMI, implies negativity about a project. This term is used to tell an individual investor that a project will not be successful, such as selling an NFT quickly at the first loss or just bad judgement.
Unsurprisingly, NGMI isn’t used in polite conversation and many Twitter battles have ensued over the use of the word.
This refers to someone who is driven too much by fear, causing them to sell their positions as soon as there’s a decline in the market. An investor with weak hands is typically described as having a lack of confidence, resources, or ability to stick with their trading plans.
Having weak hands is used to describe inexperienced or emotional investors, who are driven by emotion rather than logic. They tend to exit a trade at the first sign of bearish behaviour in the market, and so will sell their assets, instead of believing in the long-term growth of their holdings. In other words, they have a predictable buying and selling pattern and are driven by FUD (Fear, Uncertainty and Doubt).
On the contrary, an investor with “diamond hands” is known as someone who is confident in their investments and willing to hold onto their assets for a long period of time, even during a market downturn.
Unlike an investor with weak hands, diamond hands investors are willing to hold onto their assets for a long period of time, even during bearish conditions. They aren’t put off by price volatility, as they merely see them as temporary and believe that their investments will increase over time.