Degen

A degen token refers to a type of cryptocurrency characterized by high volatility, speculative trading, and often minimal utility. These tokens typically emerge in the decentralized finance (DeFi) or NFT spaces and are driven by community hype and social media buzz rather than established fundamentals. Investors are often drawn to degen tokens for the potential for rapid gains, but they carry significant risks, including the possibility of scams or "rug pulls." Essentially, degen tokens appeal to risk-tolerant investors looking for quick profits in a speculative environment.