As cryptocurrencies and NFTs become more mainstream, communities and the terminology they use across the metaverse become more robust.
If you are looking to dive into the world of crypto, then there are a ton of terms that you should familiarize yourself with in order to understand what people are talking about. Per usual, the easiest way to learn what the cool kids are saying is to go ahead and jump in to the communities that are setting the trends in the first place. Additional places to start learning crypto terms is by reading a crypto glossary, reading books, heading to meetups in your area, and joining as many crypto-centered telegram groups as possible.
But to get you started, here is a list of common crypto slang words.
WAGMI (We All Gonna Make It) & NGMI (Never Gonna Make It)
Terms used in both the ups and downs that take place during trading a crypto within a community. In a bear market, it’s WAGMI, in a bull market it’s NGMI.
A “nocoiner” is someone that doesn’t hold any cryptocurrencies, and in the general sense could basically mean someone that doesn’t hold any bitcoin. Is “nocoiner” a derogatory word? Although many people state that this is a derogatory term, it isn’t always the case that it’s implications are negative – although it definitely could be used a such and often time is. Different people refrain from using cryptocurrencies for different reasons, including many that are heavily involved in the industry. This is definitely one crypto term where the context must be taken into account.
Short for “Bitcoin Maximalists”, this is a term that Vitalik Buterin (The founder of Ethereum) is credited for creating. It is meant to refer to those that believe that the Bitcoin is only blockchain and cryptocurrency that matters. Additionally they may believe that everything that is done (or any work that is done) in the crypto space should only be done to further the advancement of Bitcoin.
You heard this bitcoin slang here first on investmentfirms.com. This isn’t a slang term that is circulated often, but it basically refers to someone that has a strong preference towards everything bitcoin, but not to the degree that they will demote, or trash talk other coins, and still want to see other projects like Ethereum happen. They may not even be against “The Flippening,” but it’s possible. You may have to attend a few bitcoin meetups in order to hear this one tossed around.
Is Hyperbitcoinization really bitcoin slang? Not really, but it isn’t a real thing either – at least not yet. In the Bitocoin world, it refers to a point in time when Bitcoin becomes the ultimate source of value n terms of a currency, at the Global scale. It’s the end of the road for when cryptocurrency becomes the currency of the Earth.
The “flippening” refers to a moment in time when the price of Ethereum overtakes the price of Bitcoin. It hasn’t happened yet, it. isn’t guaranteed to happen, but many refer to this date as such. There is even a >website dedicated to it.
A Whale is a holder that has a disproportionately large stake in a coin compared to the average holder of the project. Whales have the ability to move markets and can manipulate the price of a coin. An interesting example of a whale is actually the company Robinhood itself, which is said to own 30% of Dogecoin itself, making it the largest Dogecoin whale.
Eat the Dip
Used in times when a whale sells a large portion of their bag. When everyone coordinates in an effort to buy up the losses in order to bring the price back to a previous (recent) high. When. looking at the chart, it means turning the red candle back to green.
FUD (Fear, Uncertainty and Doubt)
FUD stands for “fear, uncertainty and doubt” and it something that is “spread” by people (usually trolls) that are trying to instill doubt in the minds of investors (or potential investors) of a particular coin or stock. It’s most commonly used in situations where community telegrams, twitter accounts, or subreddit posts are brigaded by a number of people that have a vested interested in bringing down a project.
HODL (Hold On for Dear Life)
HODL is actually just started a misspelling of the word “hold” and stands for “hold on for dear life.” It’s a term used to described holders on a particular coin or stock through thick and then. It is also often used to encourage like minded community members that are also holders to outlast temporary downward trends in order to pay off in the long run.
This is a misspelled term in the same sense as “HODL.” However unlike HODL is it not an acronym – rather a call to arms to contribute to the cryptocurrency space by actually building things. It is most popularly used in the sense of development (both through coding and community).
Rug Pull (or “Pump and Dump”)
Rug pulls often refer to the event in which the price of a particular coin increases exponentially over a very short period of time, only for a number of investors to liquidate, or “rug”, their portfolio thus resulting in a crash. This is also known as a “pump and dump scheme.”
That being said, a true “Rug Pull” is known in the crypto community as a malicious act by a developer, insider trader, or internal project member where liquidity is unlocked then rug pulled. One common way to do this is for the original developers of a token to create a hidden wallet, however it’s not the only way it happens. A famous rug pull that was promoted by many news outlets (but not this one) was the squid game token scam.
FOMO (Fear Of Missing Out)
This is a popular term that is very common outside of crypto that means the “fear of missing out.” In crypto it’s used to describe how investors sometimes “FOMO” in due to the fact that they are afraid of missing out on huge returns. It is usually not recommended to FOMO in as that’s how large amounts of money can be lost.
This isn’t really NFT slang, but rather a well-known crypto acronym that refers to a category of NFT projects where the digital art collectible is centered on its users using the NFTs as profile pictures. An example of this would be the NFT projects like the Bored Ape Yacht Club (BAYC), Cryptopunks, and Pixel Tigers.
To “ape” into a coin means that you buy in without doing your due diligence,. It refers to a form of lazy investing that is often times more of a gamble and can be the result of FOMO. “Apeing” in can also mean that you have noticed what seems to be a “bull run” and you decide to buy in to catch some of the action without doing any prior research on the current state of a coin – even if you have made prior investments.
The nickname, or Etherean slang, for the house that 8 founders of Ethereum, including Vitalik Buterin and Gavin Wood, used as a home-base during their first year when building out and bootstrapping Ethereum. According to the book “The Cryptopians,” There was a lot of drama that unfolded in the house.
“Crypto Valley” (Zug, Switzerland)
The appropriate nickname for the city of Zug, Switzerland where the Ethereum Foundation (EF) was headquartered in it’s early days. The nickname was made up by one of the lawyers that worked on the EF and is a play on “Silicon Valley” – where many large tech companies are headquartered in the US.
To shill something generally means to promote it, or to represent the projects roadmap, or at a very low level make a case to persuade others to buy in. Some reputable and successful crypto outfits with strong communities run “Shill hours” or set a specific time and goal for community members to aim for.
“To the mooooon” is one of the most common phrases in crypto. This term is typically used during a bull run when there is big potential for a coin to reach a new ATH (all time high), or there is a sudden surge in hype.
A panic seller is an investors that sells at the slightest sign of a downward trend. Watching your bag 10x during an epic bull run can be very exciting (and can feel like hitting the lottery) but it can also be very nerve racking. It’s not uncommon for holders to sell large proportions of their bag somewhere in the middle of giant upward trend, only to FOMO back in later.
A cryptocurrency with no immediate or apparent utility, purpose, and sense of direction.
If someone has a very low tolerance for risk, and is in and out of project very quickly, they are said to have “paper hands.”
When you are “diamond handing” something, you are holding on to your investment despite some foreseen turbulence. Most cryptocurrencies are relatively volatile and at some point in time to make any money at all, one has to have diamond hands and hold on despite the risks.
Buy Wall / Sell Wall
A Buy Wall typically refers to a group of transactions in crypto that overwhelmingly represent buys that take place at a particular price point. Whales can manipulate buy walls and not all buy walls are indicative of a positive trend in the coin.
This is a term that refers to a point in time when the gains on a coin will be high enough to where an investor could take out the profits and buy a Lamborghini. A Lambo has come to signify wealth and success in the crypto world It’s a funny question that is meant to imply that we are soon “all going to be rich enough to start driving Lamborghini’s.”