For a person looking outside-in, the world of crypto might seem like an alien world altogether. But believe us, there is some method to this madness.
If you’ve visited Twitter, Reddit or any other community-based forum these days, you would know that there is a certain way people on the internet talk called “meme-speak.” Since cryptocurrency is a digital asset and was created on the internet, the crypto world has adopted meme-speak.
Every time there is a “dip” or when the price goes “to the moon,” you’ll see members spamming online the word “HODL” or “Moon Lambo.” These are all terms within the crypto community that make it difficult for people not aware to feel intimidated.
To help you with understanding all these terms, we’ve come up with a list of popular words and their explanations.
HODL (Hold On for Dear Life)
Probably the most famous chant of the crypto community, it originated as a typo of the word “hold.” HODL stands for “Hold On for Dear Life”, which is a term used to signal the community not to fall for the temptation of selling your digital assets at the current high price, as it will definitely go higher and you can make a better profit. Any time when the price of Bitcoin or any other altcoin rises sharply, people in the community chant “HODL HODL HODL!!”
Bull and Bear Market
A market is said to be bullish when the prices of all its commodities are rising and more people are investing in it, by buying more cryptocurrencies.
A bear market is when the prices are falling and people are afraid of investing in the market. This leads to more people selling off their investments to stop any further losses.
A bullrun is when there is a lot of confidence in a particular cryptocurrency and people keep buying it which makes its price rise. An example of this is the bullrun of Bitcoin in late October and early November 2021 when the price hit an all-time-high of $68,000.
An unfortunate soul who at the end of the day — maybe from a pump and dump — got “held with the bag” of a coin that is now worthless.
Bitcoin Maximalist or Evangelist
Refers to a person who believes that Bitcoin is the only cryptocurrency of value.
Buy the Dip
Whenever the price of a cryptocurrency falls, its supporters enthusiastically exclaim to “buy the dip” as the perfect time to buy more of the cryptocurrency at a cheap price.
An investor is termed to have “diamond hands” if their decisions are not affected by the pressure caused by a volatile market and has a risk tolerance higher than most investors.
A person is said to have “paper hands” if they easily cave into pressure and buy and sell at the slightest change in the market. It is the exact opposite of “diamond hands.”
When you have an apprehension that you are missing out on an important opportunity while other people are gaining from it, that is called Fear Of Missing Out (FOMO).
Supporters of Ethereum believe that one day Ethereum will overthrow Bitcoin as the biggest cryptocurrency. That event is called “the flippening,” meaning Ethereum has “flipped” Bitcoin to become the #1 cryptocurrency.
When a coin is experiencing a sharp rise which looks like a spike on a graph, it is said to be mooning.
Pump and Dump
Pump and dump is a type of securities fraud where fraudsters spread false or misleading statements to artificially inflate the price of a cryptocurrency. Pumping the price by making claims that a certain cryptocurrency is the next best thing even though there is no merit to the coin. Once its price spikes, these same people then sell off the assets at a higher price and exit the market.
Any cryptocurrency that does not have any intrinsic value or little to no value is termed as a sh*tcoin. Bitcoin maximalists believe that every other token other than Bitcoin is a sh*tcoin, due to Bitcoin’s immutable nature and that its transactions have never been reversed.
To the Moon
At the time of any cryptocurrency’s bullrun, supporters of the coin (usually Bitcoin) exclaim “to the moon!” meaning that the skyrocketing price will go so high that it will eventually reach the moon.
Shorthand for Lamborghini, a high-end sports car which people often claim will be their first purchase to showcase their new found wealth. When a cryptocurrency’s price is on a rise, forum users usually ask humorously: “Lambo when?”
Same as “lambo” but with the added effect of a lambo bought when the price of a cryptocurrency was skyrocketing/going to the moon.
A whale is a person or a wallet address that holds a lot of Bitcoin or other cryptocurrency. This person has enough coins to be able to manipulate the price of the coin if they sell off or buy a large enough amount.
Now that you’ve learned all the hip lingo of the crypto world, when are you going to get onboard this lambo to the moon? Join LYOPAY!