What is IYKYK? Explore 28 cryptocurrency slang terms you need to know

If you're new to the world of cryptocurrency, you're probably confused by slang terms like "pulling the rug," "pump and dump," or mysterious abbreviations like IYKYK, NGMI, or BTD. Don't worry, understanding the meaning of crypto slang will help you become a true community member and keep up with online discussions.

The crypto community speaks a "language of its own" filled with technical terms, unique slang, and interesting abbreviations. This article will help you decode these "secret codes," from common terms like HODL to rare phrases like cryptosis. Let's explore the 28 most useful terms you'll encounter in the crypto world.

Trading Psychology and Investor Behavior Terms

Diamond Hands vs Paper Hands: Two completely different trader types

These terms describe how traders react when the market fluctuates. "Diamond hands" are steadfast traders willing to hold their assets regardless of price drops. They believe in long-term potential and are unaffected by short-term volatility.

Conversely, "paper hands" are quick to sell at the first sign of a price decline—they panic and sell quickly. This trait is common among trend followers or day traders with low risk tolerance.

FOMO: Fear of Missing Out

FOMO stands for "Fear of Missing Out"—one of the strongest emotions driving crypto price swings. This fear causes investors to act impulsively, buying projects they haven't researched just because they see others making profits.

FOMO was a major driver behind Bitcoin's rapid price increases in 2017, leading many to invest without a clear plan. This often results in poor financial decisions when the market corrects.

FUD: Fear, Uncertainty, Doubt

FUD is a psychological tactic used to influence perceptions of a project or market. It spreads through misinformation, fake news, or overly negative comments.

In crypto, FUD can take two forms: deliberate attempts to create fear to manipulate prices, or general skepticism about cryptocurrencies as an asset class, which can lead to negative sentiment spreading. FUD can significantly impact market value and even affect the entire market.

Trading Strategies and Investor Actions

HODL: Buy and hold strategy

HODL originated from a typo in a 2013 Bitcointalk post but has since become a widely accepted term in the crypto community. It means "hold on for dear life" or simply "hold."

A HODLer buys crypto and keeps their position regardless of market crashes or volatility. They believe in the long-term value and ignore short-term fluctuations. This strategy is often used by long-term investors.

BTD (Buy The Dip): Buying during price declines

BTD encourages investors to buy assets when prices drop to lows. The core idea is to take advantage of these opportunities to buy more crypto at discounted prices, with the expectation that prices will eventually recover and rise.

Aping/Ape: Buying impulsively without research

Aping occurs when someone buys a token or NFT immediately after launch without proper research. These "apes" often buy based on emotion or recommendations from others, without understanding the project.

Warnings and Scams in Crypto

Rug Pull: "Pulling the rug" scam

A rug pull is a scam where developers abandon a project before completion—pulling out all assets and leaving investors with worthless tokens. The term comes from "pulling the rug out from under someone," indicating a sudden betrayal.

Pump and Dump: Inflating prices then selling off

This classic scam involves a group buying a low-value asset in large quantities, artificially inflating its price through false positive hype. When other investors jump in, the group sells off ("dumps") their holdings for quick profit, causing late buyers to suffer heavy losses.

Cryptojacking: Unauthorized crypto mining

Cryptojacking is a cybercrime where hackers secretly exploit victims' computing power to mine cryptocurrencies. Also called "malicious crypto mining," it became a widespread issue in 2017 as Bitcoin and other crypto prices soared.

Vaporware: Projects still conceptual

Vaporware refers to blockchain or software projects that are only ideas and have no working product yet. Such projects may be advertised for months or years before any delivery, or may never be developed at all.

Types of Traders and Investors

Bagholder: Holding unwanted assets

A bagholder is someone holding onto an asset whose value keeps falling. They may hold even when the asset's fundamentals are near zero, often hoping for a recovery or out of fear of losses.

Bitcoin Maximalist: Only believes in Bitcoin

Maximalists believe Bitcoin is the only cryptocurrency with real value. They see it as the sole digital asset worth supporting and often criticize other coins.

No-coiner: Rejects cryptocurrencies

No-coiner is a pejorative term for those strongly critical of crypto, believing it has little or no value. They think crypto will fail and do not hold Bitcoin, Ethereum, or any digital currencies.

Normie: Ordinary person unfamiliar with crypto

Normie refers to someone with traditional thinking and little or no knowledge of crypto. It’s often used to describe outsiders in the crypto community.

Whale: Large crypto holder

A whale is an individual or organization holding a significant amount of a particular cryptocurrency. While no official threshold exists, whales can influence market prices if they buy or sell large amounts. Their transactions can cause major volatility, especially in low-liquidity assets.

Common Community Abbreviations and Terms

IYKYK: If You Know, You Know

IYKYK stands for "If You Know, You Know." It implies that a post or message only makes sense to a select group. It can also be used sarcastically to mock someone sharing information most people already know.

DYOR: Do Your Own Research

DYOR means "Do Your Own Research." It’s an important reminder in crypto—before investing in any project, verify information, team, roadmap, and other details thoroughly.

NGMI vs WAGMI: Not Gonna Make It vs We’re All Gonna Make It

NGMI stands for "Not Gonna Make It," used to predict future failure or criticize poor decisions. WAGMI means "We’re All Gonna Make It," used to inspire positivity, community support, and hope.

GM: Good Morning

GM stands for "Good Morning." In crypto, it’s used to promote positivity and online camaraderie. Community members often start their day with a GM tweet, and followers reply with GM.

LFG: Let’s F–ing Go!

LFG means "Let’s F–ing Go!"—an expression of excitement about a project or upcoming event.

Market-Specific Terms

Moon/Mooning: Price skyrocketing

This term describes a crypto expected to trend upward strongly. When a coin "moons," its price rises dramatically, as if going to the moon. Investors use this to identify good selling points before a correction.

Related phrases include: "Ethereum is mooning," "When’s the moon?" "Price is mooning."

Enthusiasts are called "moonbois" or "moonboys."

Flippening: Ethereum surpassing Bitcoin

Coined in 2017, flippening describes the hypothetical event where Ethereum (ETH) overtakes Bitcoin (BTC) as the largest crypto by market cap. Charlie Lee (Litecoin creator) introduced "Flappening" in 2018 to describe Litecoin (LTC) surpassing Bitcoin Cash (BCH).

Rekt: Financially wrecked

Rekt is slang for "wrecked," meaning a trader suffered severe financial loss due to bad trades or investments. Someone scammed in a rug pull might say they "got rekt."

Weak Hands: Fragile traders

Weak hands describe traders who sell at the first sign of a price drop. Similar to "paper hands" discussed earlier.

Other Crypto-Related Terms

Cryptosis: Crypto fanatic

Cryptosis refers to someone obsessed with absorbing every piece of crypto info and constantly talking about it. They are "infected" with crypto fever and bring this passion into every conversation.

Shilling: Promoting for profit

Shilling is when someone promotes a specific cryptocurrency for personal gain, creating hype and attracting potential investors. Paid promoters are also called "shillers."

Sats: Smallest Bitcoin unit

Sats are Satoshis, the smallest unit of Bitcoin (BTC), named after Satoshi Nakamoto. Like cents to dollars, 1 Bitcoin equals 100 million Satoshis.

Wen Lambo?: When will you buy a Lamborghini?

"Wen Lambo?" means "When will you buy a Lamborghini?" It’s a sarcastic way to mock investors obsessed with crypto prices. In early crypto days, wealthy investors bought Lamborghinis as status symbols, so this phrase questions when your investment will be valuable enough.

Basic Reminder: Always Do Your Own Research

All examples and terms in this article are for educational purposes only. Do not interpret this information or any other material as legal, tax, investment, financial, or other advice. The content of this article does not constitute solicitation, recommendation, endorsement, or offer to buy or sell any cryptocurrency. Profits from trading crypto assets may be subject to taxes, including capital gains tax, within your jurisdiction.

Now that you understand crypto slang, you can confidently participate in community discussions. Remember, knowing what IYKYK means and other abbreviations is just the first step—next, always conduct thorough research before making any investment decisions. WAGMI!