Crypto Slang Terms You Need to Know. Part 2

Introduced in 2017, the term "flippening" described what seemed like an inevitable shift in leadership on the capitalization ratings podium—particularly, the expected surpassing of BTC by ETH. 

Now, this term is often used in ironic comments regarding Ethereum’s progress or under posts by Vitalik Buterin about the ecosystem's future. The term has also become popular in the NFT market, where high competition and intrigue for leadership persist. Additionally, you often encounter discussions about how a new meme coin has "flipped" a long-standing top-100 world project.

IYKYK

IYKYK stands for “If You Know, You Know.” It suggests that only those in the know will understand the post, while it remains too complex for the uninitiated.

This abbreviation is frequently used to ridicule someone who shares obvious information with a community, like the basic advice of buying low and selling high, akin to saying, "Thanks, Captain Obvious."

The hashtag #IYKYK often accompanies posts that are part of an ongoing, lengthy discussion. Here, the slang acts as a tag, indicating that the content will only make sense to those who have been following the unfolding conversation or event.

This term even inspired a namesake meme coin, which didn’t last long but was favored by dedicated collectors of shitcoins.

Floor Is Lava

The phrase "Floor Is Lava" is used within the cryptocurrency community to signal high risk and to caution against haste. This expression originated from a popular children's game where the floor is imagined as molten lava, requiring players to traverse the room without touching the ground.

In trading contexts, "Floor Is Lava" serves as a warning to investors about potentially significant price drops when entering positions, suggesting a need for careful pacing. This slang is also used conversationally to invigorate discussions or to advise thorough market analysis.

Ape (apeing)

In the crypto world, "apes" are often viewed negatively as individuals prone to herd mentality, making impulsive decisions without considering long-term impacts. These traders typically rush into buying shitcoins, become targets for pump-and-dump schemes, and generally ignore the crucial advice to "Do Your Own Research" (DYOR).

If you're labeled an "ape" in trading circles, it implies you invest carelessly, hold low-value assets, and buy at peak prices.

Apes are known for their susceptibility to FOMO, blindly following the crowd. 

This term gained prominence in 2017 with the launch of CryptoPunks and, subsequently, the NFT buying frenzy that followed. Many of these enthusiasts later became part of the iconic Bored Ape collections by Yuga Labs, making the term "ape" somewhat less pejorative over time.

Boomercoin

Boomercoin is a slang term used to describe cryptocurrencies that might only appeal to retirees unfamiliar with market trends. 

This term is often used pejoratively for assets considered to have no practical use or value. These cryptocurrencies typically feature high issuance, require substantial transaction fees, and focus more on hype than on genuine project development. Many users regard boomercoins as fraudulent, with creators providing misleading information about their prospects and potential profitability.

It's wise to avoid purchasing boomercoins, as they're likely to vanish quickly, leaving behind nothing more than a useless ticker. 

Normie

Even if you are a veteran of the crypto market who knows exactly how many bitcoins were exchanged for that famous pizza, you too might have once been a normie. 

This patronizing term refers to people who may wish to better understand cryptocurrencies but are too engrossed in their nine-to-five jobs.

Normies lack an understanding of technical and fundamental analysis, are not well-versed in crypto technologies, and do not pursue airdrops. However, they stay informed about Bitcoin and other cryptocurrencies through mainstream news headlines from CNN and Bloomberg, are aware of figures like Gary Gensler, and secretly believe that decentralized digital assets will eventually replace fiat in the global financial system.

While normies may not engage in trading on exchanges or know how to mint NFTs, they are well aware of how interest rates can affect the crypto market because this information is covered by respected news agencies. Normies are decent, albeit mundane, individuals.

And they certainly don't care that the meme coin NORMI, launched in their honor, plummeted 99% due to a hack—they probably haven't even heard of this coin.