Latest Degen News For Those Who Engage In High-Risk, Speculative Trading
In the world of cryptocurrency, the term ‘degen’ is short for ‘degenerate’ and refers to people who engage in high-risk, speculative trading.
Degens’ are commonly associated with the newer trends in the crypto space, like Decentralized Finance (DeFi), a term for various financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries. Despite the inherent risks, these traders play a big role in the crypto economy, often acting as liquidity providers and participants in new project launches.
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This term gained popularity as the hype around crypto and NFTs went up. Increasingly, as the crypto industry expands, it attracts more people seeing crypto as a shortcut to getting rich overnight.
This is perhaps because when crypto came off as the big new thing in the market, people were a little apprehensive about it. But those who truly did believe in it had the guts to try something new thus they invested big chunks of their money.
Despite the risks, numerous “degen” success stories abound in the crypto Degen news world:
- On January 1, 2022, a 22-year-old student from Indonesia minted his first NFT artwork on OpenSea, the world’s largest marketplace for crypto collectibles. Named Ghozali Ghozalu, he had spent the last four years taking a picture of himself (almost) every day, and now he was ready to cash in on the long-term project.
The images, which date back to his teenage years, were listed for 0.001 ETH (or just over $3) each.
The images listed by Ghozali did eventually sell out, and thanks to a bunch of high-risk crypto traders, or degens, their price has now gone through the roof. As listed on OpenSea, the floor price — AKA the entry point for new buyers — is 0.29 ETH as of writing, which translates to around $900. The collection’s total traded volume stands at 374 ETH (more than $1.1 million).
Block Matra collects latest Degen news from the top crypto bases in the industry and curates the news that is simple and easy to comprehend.
