I tried to explain what Degen is in comic strips.
I explained what Degen is.
Degen is short for degenerate. It is a crypto term to refer to someone who truly believes crypto projects to the extreme degree of overconfidence without caring of any consequences. This term particularly applies to DeFi space where many Decentralized Finance projects were introduced in 2021 and the hype continued attracting more investments until the beginning of 2022 when the market cooled down a lot. Yet, Degens will continue to buy and hold to hope their assets will double or triple or even more drastically increase the valuation.
You will probably never understand Degen’s mindset. They are extremely risk-takers who invest for their belief rather than technical analysis. Any cute logos, cool slogans, or even nice ideas can be a single determining factor for them to believe in. as crazy and irrational it sounds, they will all in with unaudited, unregulated, and widely west style of crypto projects.
Degens are people who feel left out in the past financial glory days. Degens watched how the stock market rose and fell. And how Bitcoin rose and fell in the past but continues serving. They got an idea to dive into a very speculative crypto project and hope one day it will go to the moon and sell for profits that are worth the entire life-saving of others that can ever possibly be made. It also links to pump and dump which scammers pump the scam tokens at a high price until everyone joins and they dump tokens to take profits to leave everyone behind.
Degens are troopers. They are not scammers who try to scam away money. They are believers who put everything into the project even if the project went down. Apart from scammers, degens contribute to projects and help to build up communities.
There is an ambiguous zone between meme and scam. Such meme tokens like Dogecoin started as a meme token and many people did believe the project was a scam. The problem with determining a scam token is that you will not know it is a scam token before it turns into a scam token. Because of such difficulty, Degen is FOMO. They will jump into every project if possible because no one can predict the future.
Degen is a believer. Even though there are scams in the crypto space, Degen is an early adopter to join every possible project.
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