About

Degen is a slang term meaning "degenerate." In the crypto community, the term is used to describe people who make risky, speculative and uneducated trades. Prior to its use in the crypto community, the term is often used to describe gamblers who make risky bets. The term became increasingly popularized online throughout the 2020s in part thanks to the Canadian TV series Letterkenny in which the characters often use the slang to refer to degenerate characters. In 2024 it became increasingly prevalent in relation to meme coins as the cryptocurrencies became more widely traded and discussed online.

Origin

The exact origins of the shorthand "degen" are unknown, with the term being used generally for decades to negatively describe someone's behavior as "degenerate." The earliest definition of the slang online was posted to Urban Dictionary^[1] on September 26th, 2005, defining it as:

A degenerate individual. Characterized by a willingness to decline in financial, mental and physical health on an ongoing basis, often by means of his or her chosen party favor.

According to Ledger,^[2] the term's gambling-related origins can be linked back to sports betting to refer to "bettors who place large sums of money without the necessary knowledge or expertise to support their bets."

One of the earliest known definitions of the term related to crypto was published by CoinGecko^[3] on August 12th, 2021, in which the site defines a "degen trader" as someone who trades without due diligence or research.

Spread

"Degen" became increasingly popularized in the crypto community throughout the 2020s. It also garnered prominence on social media in general as a slang term to refer to people who exhibit degenerate behavior, especially on sites like 4chan where it was incorporated into memes.

The term's use in the Canadian television series Letterkenny notably helped popularize it. In the show, the term is regularly used to refer to "degenerates," especially "degens from upcountry."^[6]

For example, on March 10th, 2021, Redditor u/Smileybruv posted a meme to the subreddit /r/Letterkenny^[7] titled "Fuckin degens from up country," garnering over 3,000 upvotes in three years.

On October 4th, 2022, a thread was made on the subreddit /r/CryptoCurrency^[4] asking people for their successful degen stories.

On May 11th, 2023, YouTuber^[8] Web3 Deep Dive posted a video titled "What does a 'Degen' mean in crypto?" defining the term, garnering around 1,000 views in a year.

In March 2024, the cryptocurrency $DEGEN was launched, taking its name from the crypto community's popularization of the slang term.^[5] It reached a market cap of $284.34 million by November 27th, 2024.

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External References