Wen Moon, Straight, Rugged, Flipping And Nfa
Of CNBCTV18.com IST (published)
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Here are the five common slang terms circulating in the cryptosphere, explained:
For someone new to crypto, podcasts, forum discussion forums, and explainer articles can be a little challenging to understand. There are so many crypto terms floating around, and they can all seem like foreign concepts to the uninitiated. Fortunately, most of these terms have simple explanations, and with the right guidance, you can navigate through this sea of crypto jargon with ease. With this in mind, we’ve listed and explained five common slang terms circulating in the cryptosphere these days.
Wen moon
The term “wen moon” is extremely common crypto slang. It became popular in 2017 when Bitcoin prices went through the roof. Crypto enthusiasts wondered about the sharp rise in prices, saying that BTC was shooting for the moon. Since then, the term has been used and adapted to many conditions.
For example, almost every investor these days probably looks at crypto charts and wonders, wen moon. That means investors are waiting for the bulls to catch up with the bears and send crypto prices shooting for the moon again.
Wen moon also has some regular offshoots, one of which is wen Lambo. This phrase originates from a trend where successful crypto investors would buy a Lamborghini with their earnings. Therefore, the term wen Lambo is a way of asking someone when they want to get rich by selling their crypto holdings.
Rect
Right comes from the word wrecked. It is used to define a crypto investor or project that has been completely destroyed. It can also be used to describe a significant financial loss. For example, Terra Luna just crashed several investors after its price crashed to $0. Rekt can also be used in the crypto gaming arena, describing a player who was defeated by a significant margin.
Robust
In a way, robust is quite similar to straight. It describes a person or a group of people who have been deceived by a carpet cover. A scam is a type of scam where bad actors set up fake crypto, web3 or NFT projects and hold fundraising events for these fraudulent networks.
Once they have collected enough money, of course they run off with investor funds. It feels like the rug has been quickly ripped from under your feet, hence the name. Now, when someone falls victim to such a scam, they are known to be resilient.
Flipping
This term came up a lot before and after the Ethereum merger. It refers to a hypothetical situation where the market cap of Ethereum exceeds the market cap of Bitcoin. In the process, ETH will replace BTC as the largest cryptocurrency by market capitalization. The market value of a cryptocurrency is the circulating supply multiplied by the current market price of that particular cryptocurrency.
Currently, BTC occupies the number one position in terms of market capitalization, with Ethereum a distant second. Many believed that the Ethereum merger would help the network surpass BTC in terms of market cap, effectively turning the scenario on its head.
NFA
Crypto markets are highly volatile. As such, no one can predict future prices with absolute certainty. Despite this, several crypto experts periodically suggest coins that they believe will rise in the coming weeks or months. It’s important to note that these suggestions are just opinions and not 100 percent fact. They can lead individuals to invest in projects that may end up crashing or losing value.
In such situations, investors can hold the experts responsible for their losses. Therefore, to protect themselves from lawsuits, most influencers and reputable crypto investors use the term “not financial advice” or NFA in their videos, articles and tweets. This tells people that the coin suggestions are just opinions, not something you should base your entire investment strategy on.
Do Your Own Research (DYOR) is another such warning. It tells people not to base investment decisions on advice from an expert or blog. Instead, one should dig deep into projects before putting money behind them.
