Degens - Shorthand for Degenerate. Degen trading or Degen mode is when a trader does trading without due diligence and research, aping into signals and FOMO (fear of missing out) into pumps. A Degen Trader does not know about metrics like FDV (fully dilluted value) or TVL (total value of cryptocurrency locked in a smart contract) nor do they care. They will buy because the asset logo looks cute, or because the slogan is memeable, or because some twit-famous anime girl on the internet says she's looking into crypto and the first two shill comments gets more likes than others. Essentially, a degen trader buys into an asset not because they see value, rather they do so with the belief that others will join in after them and speculate on the price swings.
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CoinGecko, 2021.08