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@iamveektoria
WTF is Degening❔ 🙂‍↔️ Imagine a game where you can win big, lose big, and everything moves at lightning speed. That’s degening in Web3! A “Degen” is a trader who jumps into highly speculative investments with little to no research. Known for extreme risk tolerance, degens thrive in volatile markets, constantly chasing trends like decentralized finance (DeFi) and non-fungible tokens (NFTs). The term “degen” comes from “degenerate,” originally used to describe reckless gamblers. In crypto, it refers to those diving into high-risk assets like meme coins, NFTs, and DeFi projects hoping for quick profits. It’s not about playing it safe; it’s about spotting early opportunities, making risky plays, and sometimes gambling purely on hype.
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Iamveetoria
@iamveektoria
How is a Crypto ‘Degen’ Different from a Regular Investor❔ Degens embrace high-risk, speculative trades, often in untested projects with potential for massive gains. Regular investors, however, prioritize long-term stability, avoiding reckless bets in favor of sustainable growth.
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@iamveektoria
How Degens Make Money💰 Degens don’t just gamble; they use different strategies to generate profits: → Trading and Flipping Meme Coins and Low-Cap Tokens Buying low and selling high before the hype fades. → NFT Flipping Buying undervalued NFTs and reselling them for profit. Some secure whitelist spots to mint hyped NFTs at lower prices, later selling for gains. Others invest in NFTs to join exclusive communities that offer perks like free airdrops and alpha (insider tips). → Pre-Sales and IDOs Buying tokens before public launch, usually at a lower price, and selling them after their value increases. → Leveraged Trading This trading method amplifies potential returns by borrowing funds to increase position size. High Leverage (50x-100x): Small price movements can result in massive gains or devastating losses. Some mitigate risk by setting stop-loss (SL) orders to avoid liquidation.
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@iamveektoria
→ Yield Farming and Staking - Liquidity Providing; Lending crypto to a trading platform to earn rewards. - Staking; Locking up tokens to earn more over time. → Airdrops and Bounties While not as fast as flipping, airdrops and bounties require little to no upfront investment. Some degens go all-in, farming multiple airdrops at once; investing in nodes, using mainnet apps, and spending gas fees on multiple transactions in hopes of securing a big payout later. They sell all of the gained tokens at a good price and move on!
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The Risks/Stress of Degening Degening is high risk, high reward but it’s not all fun and gains. → Scams & Rug Pulls Some projects are scams, with founders disappearing after taking investors’ money. → Losing Everything A coin can crash in minutes, wiping out an entire portfolio. → No Regulations Unlike stocks, crypto is largely unregulated. If you lose money, no one will save you. → Mental Stress Watching charts 24/7, making risky trades, and handling big losses can be exhausting. Degening is not for the weak.🙂‍↔️
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Is Degening a Career? ❌ No, degening is NOT a real career. It’s a high-risk strategy, not a stable job. Some people turn it into a full-time hustle, some retire their bloodline but most burn out or lose money in the long run. But degening can open doors to real Web3 jobs, such as: → Crypto Researcher – Analyzing tokens and projects. → Community Manager – Running Web3 communities and promoting projects. → Trader – Transitioning from reckless gambling to strategic trading. → Content Creator – Sharing alpha (insider tips) and building a personal brand.
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How to Start Degening in Web3 If you want to be a degen, here’s what you need: → Set Up Your Wallet Get a crypto wallet like MetaMask, Phantom, or Trust Wallet. This is your digital bank in Web3. → Get Some Crypto You need funds to trade! Most degens use ETH, SOL, or BNB. → Find the Plays Find other degens, follow crypto groups, Twitter (𝕏), Discord, and Telegram to spot the hottest (and riskiest) new projects. → Ape In (But Smartly) Degens buy early in meme coins or NFT projects, hoping for a pump. But if the project fails? They lose everything. → Exit Fast Many degens sell early to secure profits. The longer you hold, the higher the risk.
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