Here are the five common slang terms doing the rounds in the cryptosphere, explained:
For someone who is new to crypto, understanding podcasts, forum discussion boards and explainer articles can be a bit challenging. There are so many crypto terms floating around, and they can all seem like alien concepts to the unacquainted. Fortunately, most of these terms have simple explanations, and with the proper guidance, you can sail through this sea of crypto jargon with complete ease. Keeping this in mind, we have listed and explained five common slang terms doing the rounds in the cryptosphere these days.
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The term “wen moon” is an extremely common crypto slang. It became popular in 2017 when Bitcoin prices were going through the roof. Crypto enthusiasts poked fun at the sharp rise in prices, saying BTC was shooting for the moon. Since then, the term has been used and adapted for many circumstances.
For instance, almost every investor these days is probably watching crypto charts and wondering, wen moon. It means that investors are waiting for the bulls to overtake the bears and send crypto prices shooting for the moon once again.
Wen moon also has some common offshoots, one of which is wen Lambo. This phrase originated from a trend where successful crypto investors would buy a Lamborghini with their earnings. Therefore, the term wen Lambo is a way to ask someone when they’ll get rich by selling their crypto holdings.
Rekt stems from the word wrecked. It is used to define a crypto investor or project that has been destroyed completely. It can also be used to describe a substantial financial loss. For instance, the crash of Terra Luna rekt several investors after its price crashed to $0. Rekt can also be used in the crypto gaming arena, describing a player that was defeated by a considerable margin.
In a way, rugged is quite similar to rekt. It describes a person or a group of persons who have been duped by a rug pull. A rug pull is a type of scam where bad actors set up fake crypto, web3 or NFT projects and hold fundraising events for these fraudulent networks.
Of course, once they have raised enough money, they run away with investor funds. It feels like the rug has been quickly snatched away from below your feet, and hence the name. Now, when someone falls prey to such a scam, they are known to be rugged.
This term came up a lot before and after the Ethereum Merge. It refers to a hypothetical situation wherein the market cap of Ethereum overtakes that of Bitcoin. In the process, ETH will replace BTC as the largest cryptocurrency by market capitalisation. The market capitalisation of a cryptocurrency is the circulating supply multiplied by the current market price of the cryptocurrency in concern.
Currently, BTC occupies the number one position in terms of market cap, with Ethereum in a distant second place. Many believed that the Ethereum Merge would help the network surpass BTC in terms of market cap, effectively flipping the scenario on its head.
Crypto markets are highly volatile. As such, no one can predict future prices with absolute certainty. Despite this, several crypto experts periodically suggest coins that they believe will spike in the coming weeks or months. It’s important to note that these suggestions are just opinions and not 100 percent facts. They could cause individuals to invest in projects that could end up crashing or losing value.
In such situations, investors could hold the experts responsible for their losses. Therefore, to safeguard themselves against lawsuits, most influencers and renowned crypto investors use the term “not financial advice” or NFA in their videos, articles and tweets. This tells people that the coin suggestions are merely opinions, not something you should base your entire investment strategy on.
Do your own research (DYOR) is another such warning. It tells people not to base their investment decisions on the advice of one expert or blog. Instead, one should dig deep into projects before putting monies behind it.
First Published: IST