Originally published on September 16, 2020 and updated on September 13, 2024

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My friend Dave used to be a bagholder, but he FOMO’d and bought even more BTC. Now, he’s a big whale HODLing for that moon.

…that’s a lot to take in for just two sentences. If you’re new to Bitcoin and the world of cryptocurrencies, we understand if the statement didn’t make any sense to you—it didn’t make sense to us at first too. 

All jokes aside, it’s one thing to start buying and selling Bitcoin, but another to engage with an entire community that’s built an entire dictionary worth of slang. If you’re looking to get yourself into the conversation and begin speaking the language, there’s quite a bit to cover. Luckily, we’ve compiled a list of some of the most popular crypto slang being used today.

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Key takeaways

• Crypto slang is a language all its own, used to describe various aspects of the cryptocurrency world. 
• From investment strategies like HODL (holding onto crypto) and FOMO (fear of missing out) to market trends like bullish (rising prices) and bearish (falling prices), there’s a term for everything.
• Scams like rug pull and shilling are also part of the crypto lexicon, as are social interactions like NGMI (not gonna make it) and WAGMI (we’re all gonna make it).
• Technical terms like sats (small units of Bitcoin), ATH (all-time high), and KYC (know your customer) are essential for understanding the crypto space.

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Hodl (Hold On for Dear Life)

 In 2013, a misspelled forum post gave birth to the term hodl. Since then, it has stood for “hold on for dear life” and became a rallying cry for investors to hold onto their crypto assets through market fluctuations—a common feature in crypto. Hodl signifies a commitment to long-term investment despite volatility. If you’re curious to delve deeper into the meaning and significance of this popular slang term, explore our comprehensive guide.

FOMO (Fear of Missing Out)

FOMO (Fear of Missing Out) can drive people to make hasty, impulsive investment decisions during a cryptocurrency’s upward trend. For example, in 2017, Bitcoin’s value surged from around $900 at the beginning of the year to nearly $20,000 due to FOMO.

FUD (Fear, Uncertainty, Doubt)

FUD stands for fear, uncertainty, and doubt. It refers to spreading misleading or exaggerated negative information about a cryptocurrency to create fear or uncertainty among investors and manipulate market sentiment to drive down prices. An example of FUD is the uncertainty and doubt that followed the hacking of the Mt.Gox exchange in 2014. This incident caused the price of Bitcoin to drop significantly as investors became fearful about its security and stability.

DYOR (Do Your Own Research)

Encourages investors to thoroughly investigate and understand a cryptocurrency or project before investing, rather than relying on hype or recommendations from others. This is standard investment advice to help investors make informed decisions and avoid potential pitfalls. 

Whale

A crypto whale is an individual or entity that holds a substantial amount of cryptocurrency. For example, a Bitcoin whale typically owns at least 1,000 bitcoins. Their trades have the power to influence the market significantly. When whales place large buy or sell orders, they can cause noticeable price swings due to a sudden surge in supply or demand.

Examples of crypto whales include The Winklevoss twins, Institutional investors such as Microstrategy, and cryptocurrency exchanges such as Binance.

Pump and dump

A pump and dump is a fraudulent practice—and an illegal activity in many jurisdictions, such as the United States—in which a group artificially inflates the price of a cryptocurrency by spreading misleading information or hype. Once the price rises due to increased interest, the group sells off their holdings profitably, causing the price to crash and leaving other investors with heavy losses. An example of pump-and-dump is the Bitconnect scam, in which the coin’s value was artificially inflated—primarily through social media—before the entire platform was exposed as a Ponzi scheme. We’ve also covered crypto pump and dump in one of our blog posts, you should check it out.

Moon

To “moon” means to experience a dramatic and rapid price increase. When people say a cryptocurrency is going “to the moon,” they predict or hope for a significant rise in value, often to unprecedented levels.

For example, DOGE long-term supporter Elon Musk said, “DOGE to the moon.”

Bearish vs. bullish

Bearish refers to a negative outlook, where investors expect prices to fall. In such a market, more sellers than buyers signal investor confidence. In contrast, bullish describes optimism in the market, where rising prices and growth are anticipated and are characterized by more buyers than sellers. 

In a bullish market like the 2013 Bitcoin Bull Run, Bitcoin prices surged from around $100 to over $1,000 due to growing mainstream interest in cryptocurrencies. On the other hand, in a bear market like the 2022 Crypto Bear Market, after reaching all-time highs, a downturn brought Bitcoin prices back below $20,000. Check out our guide to crypto bear and bull markets to learn more.

Rug pull

A “rug pull” is a type of scam in the cryptocurrency world where developers abruptly abandon a project, taking all the funds with them and leaving investors facing losses. The term “rug pull” signifies the sudden and unexpected nature of the scam, likening it to pulling the rug out from under unsuspecting investors. The Big Daddy Ape Club Rug Pull is a prime example of a crypto rug pull, representing the largest one in the history of the Solana blockchain. The developers managed to raise $1.3 million for minting NFTs, but no NFTs were created. Subsequently, the developers deleted the project’s Discord and social media accounts, leaving investors with nothing.

Shilling

Shilling involves aggressively promoting a cryptocurrency to create hype and attract many buyers, which drives up its price and draws in new investors, usually for personal benefit. This strategy is often used in pump-and-dump schemes, where the goal is to artificially increase the coin’s value before selling it for profit. 

A prominent example of crypto shilling is the EthereumMax promotion by celebrities—who suddenly appeared as crypto endorsers—which ultimately turned out to be a pump-and-dump scheme.

NGMI / WAGMI (Not Gonna Make It / We’re All Gonna Make It)

NGMI expresses pessimism or regret after a wrong decision, signaling that someone believes they’re unlikely to succeed. WAGMI, on the other hand, is used to spread optimism, showing confidence that the entire community will grow together.

No-coiner

A no-coiner is a person who has negative views regarding cryptocurrency due to skepticism or lack of belief in its real-world value or future potential. No-coiners typically hold traditional views of how the financial markets should operate. While this term can be used neutrally, it may also be employed dismissively or condescendingly by those deeply involved in the crypto community.

This term originated as a pejorative on Twitter to ridicule crypto opponents, but it’s important to clarify that it doesn’t apply to all non-crypto owners.

Normie

Describes someone who is not actively involved in crypto or has only a basic understanding. It often highlights the difference between crypto enthusiasts and the general public.

Cryptosis

Cryptosis refers to the insatiable craving for knowledge about cryptocurrency. It’s the feeling of constantly wanting to learn more about blockchain, tokens, and the crypto space.

If you suffer from cryptosis, you can’t stop checking the news, diving into online discussions, or obsessively tracking market trends. It’s like you have a crypto-OCD, constantly feeling the need to be connected to the world of crypto. The drawback of this is that it can lead to a sense of anxiety. 

IYKYK (If You Know, You Know)

This phrase implies that only the know will understand a reference or concept. It’s often used to indicate exclusivity or insider knowledge and sometimes ironically to mock widely known information.

LFG (Let’s F*ing Go!)

A phrase used to express excitement and anticipation, especially when a project is gaining traction or a coin’s price is rising. The phrase is a rallying cry for crypto enthusiasts, symbolizing a shared hope for positive developments and potential gains.

For example, when a project releases a significant update, secures a major partnership, or achieves a milestone—which might lead to price appreciation—crypto enthusiasts may use “LFG” to express their enthusiasm and support.

Sats (Satoshis)

Sats (Satoshis) are the smallest unit of Bitcoin and are named after its creator, Satoshi Nakamoto. One satoshi equals 0.00000001 BTC (one hundred millionth of a bitcoin), making it useful for micro-transactions or discussing small amounts of Bitcoin.

To contextualize this, Imagine a Bitcoin is a dollar bill. A Satoshi is like a penny. There are 100 million Satoshis in a Bitcoin, just like 100 pennies in a dollar.

ATH (All-Time High)

ATH (All-Time High) represents a cryptocurrency’s highest price. When a coin hits its ATH, it signals peak investor confidence, but it can also lead to FOMO (Fear of Missing Out) among those who haven’t yet invested.

Diamond hands vs. paper hands

Investors with “diamond hands” maintain their positions through market volatility, demonstrating unwavering confidence in their investments. They are not easily swayed by price fluctuations, even during downturns.

Investors with “paper hands” are more risk-averse and tend to sell their assets quickly at the first sign of market decline. They may be motivated by fear of losses and may miss out on potential future gains.

KYC (Know Your Customer)

Various platforms, including financial institutions and cryptocurrency exchanges, require KYC (Know Your Customer) to verify customers’ identities. KYC procedures aim to prevent fraud, money laundering, and other illegal activities. 

Learn more about the importance of KYC here.

Vaporware

Refers to a project or product, including cryptocurrencies, announced and heavily marketed but never developed or released. It’s often used to generate hype and attract investment without delivering a tangible product.

For instance, OneCoin, a cryptocurrency heavily marketed as an innovative breakthrough, was ultimately exposed as a classic example of vaporware. Despite attracting billions in investments, OneCoin was never listed on legitimate cryptocurrency exchanges. Its underlying technology and promised features were largely illusory.

ICO (Initial Coin Offering)

A fundraising method in which crypto startups offer early tokens to investors in exchange for established cryptocurrencies like Bitcoin or Ethereum. It’s similar to an IPO in the stock market but for crypto projects.

For example, the largest initial coin offering (ICO) in history is EOS, which raised approximately $4.1 billion over one year ending June 1st, 2018. 

Gas

Gas is the fee required to perform transactions or execute smart contracts on the Ethereum blockchain. Ethereum gas can vary based on network congestion, and it’s crucial for keeping the network running smoothly.

Market cap (Market Capitalization)

Market capitalization, often abbreviated as “market cap,” is a metric used to measure the total value of a cryptocurrency. It is calculated by multiplying the current price of a coin by the total number of coins in circulation. This figure shows the coin’s overall market size and popularity.

Market Cap = Current Price × Total Circulating Supply

For example, if a coin has a current price of $20 and a total circulating supply of 1 million coins, its market cap would be:

$20 × 1,000,000 = $20,000,000

For example, as of September 12, 2024, Bitcoin’s market capitalization stands at approximately $1.15 trillion, with the price of one Bitcoin around USD 58,234​.

DApp (Decentralized Application)

 An application that operates on a blockchain network without a central authority. Unlike traditional apps, DApps are decentralized and rely on a distributed network of nodes to manage data and execute functions.

When Lambo

The use of “Lambo,” the short form of the luxury car Lamborghini—which costs upwards of $200,00—symbolizes the desire to achieve substantial financial success, often represented by buying a Lamborghini. This term was widely used as Bitcoin slang in the early days to express the aspiration to make significant profits, and this dream was symbolized by Peter Saddington, who purchased a Lamborghini from an earlier investment of 45 BTC.

Occasionally, the term has been used to make fun of people who come to crypto yearning for quick riches and forgetting the real intrinsic value of cryptocurrencies.

Rekt

A playful and informal term derived from “wrecked,” used to describe someone who has suffered significant financial losses due to poor investment decisions or market downturns. It often conveys a mix of sympathy and humor about the situation. While the term is frequently used lightheartedly, it can also serve as a reminder of the risks involved in cryptocurrency trading and the importance of responsible investing.

Whale watching

The practice of monitoring the trading activities of large cryptocurrency holders (whales) to anticipate and predict market movements. Investors try to gain insights into potential market trends by observing their buying and selling patterns. While the term is often used lightheartedly, it can also serve as a reminder of the risks involved in cryptocurrency trading and the importance of responsible investing.

Bottom line

Crypto slang evolves as quickly as the market itself. Keeping up with these terms helps you stay informed and avoid potential risks. However, while slang can be fun, always remember the real-world implications behind these terms.