No one wants to be left out of a conversation. It’s one thing to understand crypto and know it’s intricacies and it’s another thing to be in the know of the current language people are using to colloquially describe Web3 concepts.
Do you come across words like FOMO, HODL, WAGMI, FUD, and wonder what they translate to? Wonder no more as this article intends to demystify these words for you.
10 Crypto Slangs You should Know
GM
Starting off with the most basic of crypto slang, GM directly translates to “Good Morning” and has been adopted by the majority of the crypto community as a way of greeting and exchanging pleasantries.
The unique thing about this crypto slang is that while it translates to “Good Morning”, it can be used at any time of the day. It is commonly used on social media platforms such as Twitter and Discord and fosters community engagement.
SER
Ser is another popular slang and is an intentional misspelling of the word “Sir”. It derives its origin from early NFT communities and is often paired with GM. Members of the crypto sphere often use the phrase “GM ser” as a term of salutation to their mentors and other members of the community.
WAGMI
This is an abbreviation of the phrase “We’re All Gonna Make It” and is used to foster hope in the cryptocurrency community.
The use of WAGMI intends to inspire optimism during times of doubt and provide motivation to individuals. It boosts confidence and is a source of encouragement for many.
NGMI
“Anyone ignoring Solana memecoins is NGMI” — This here is an example of how the acronym NGMI can be used. It is opposite in translation to WAGMI and means “Not Gonna Make It”.
While WAGMI inspires optimism, NGMI signals pessimism at the prospect of an individual or group of individuals being successful. The use of NGMI shows a lack of confidence and is an indication of bearish sentiments.
DYOR
“DYOR” means “Do Your Own Research”, it is used to encourage people to be adequately informed before taking on a new investment or buying a new coin.
Doing your own research is of utmost importance in the crypto realm due to its volatile nature, individuals should have a clear understanding of what a token or project entails before putting money into it.
FOMO
An abbreviation for “Fear of Missing Out”, FOMO is used to describe the state of fear or anxiety that may be experienced by individuals who are missing out on a potential means of making money.
FOMO can lead individuals to make rash decisions and invest without doing adequate research. FOMO can lead to loss of assets as investment decisions are not made in good judgement.
HODL
Translating to “Hold On for Dear Life”, HODL is used to encourage individuals to hold on to their crypto assets and not sell despite turbulent market conditions.
The term HODL is a misspelling of the word “Hold” and originates from a post to the Bitcointalk forum in 2013. Since then, the term has been used to describe the act of keeping your tokens regardless of how it is performing on the charts with the expectation of a favorable outcome.
FUD
Short for “Fear Uncertainty and Doubt”, FUD is used to express a lack of confidence or trust in a token. FUD can stem from a lack of transparency on the end of a project and can lead to a widespread lack of participation.
Rug
Rug is used to refer to the unethical practice of a developer or development team taking advantage of investors by draining the project’s liquidity. This leaves the buyers with a worthless token and is an important reason why you should DYOR.
IYKYK
“If You Know You Know” is used as an addendum to a message that only a niche group will understand or relate to.
It is commonly used for messages intentionally lacking context, with the aim of communicating with a small specific audience.
Conclusion
Understanding the language used by a community is crucial in being able to fit in and effectively communicate. Crypto slang is constantly evolving with some words or phrases being phased out and new ones being introduced.
On-Chain Media articles are for educational purposes only. We strive to provide accurate and timely information. This information should not be construed as financial advice or an endorsement of any particular cryptocurrency, project, or service. The cryptocurrency market is highly volatile and unpredictable.Before making any investment decisions, you are strongly encouraged to conduct your own independent research and due diligence
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