Popular Crypto Slang Terms. Part 10
Confused by the stream of cryptic expressions on trading forums, Telegram channels, and social media? Today, we'll clarify some of them for you.
Mastering jargon can be a cheat code in any niche community. Cryptocurrency communities are slightly easier to navigate: they are typically open and the industry is young enough that even seasoned veterans remember their early days as novices. Isn’t it always satisfying to show off your knowledge or use a rare term correctly?
Be sure to check out our previous compilations as well:
Part 1
Part 1
Whale Watching
This strategy involves closely following the actions of major investors, often referred to as "whales," within the cryptocurrency market.
For instance, if you're interested in buying a promising altcoin but aren't sure which to choose, you could track a whale’s transactions and mirror their trades. By doing so, you stand to benefit from the massive profits these big players generate.
Doesn't it sound like the tactics of a suckerfish?
On-chain analysis can help track the actions of these whales in the market.
Whale Watching can offer a significant advantage to newcomers. Source: Reddit
You can identify a whale buyer among the oceanic crypto fishes for:
- An unusual increase in the size of long positions (a long is the opposite of a short).
- A sudden onset of volatility in an otherwise stable market.
If you want to avoid missing out when whales begin to sell off their holdings, pay attention to signs like:
- Sudden cancellation of buy orders in the order book.
- A sharp rise in price followed by a swift decline.
- Unusually high trading volumes.
The whale watching strategy can help you prosper in the vast marketplace, even if you are just a small player. However, success is not guaranteed.
OGs
Originally an acronym for "Original Gangsters," this term has a fascinating history and has evolved in its meaning.Initially appearing in underground street culture, the term was used to describe seasoned veterans of criminal gangs. These OGs were well-respected within their communities, possessing significant connections and influence within the criminal underworld.Over time, the term's scope widened and is now used more broadly.
Today, "OG" refers to:
- Seasoned and respected members within any subculture. For instance, in gaming circles, an "OG" could be someone who has been engaged with a game from its earliest days.
- Innovators in various fields. For example, rapper MHD is considered an OG in hip-hop for creating Afro-trap, while animator John Chadwick, known for developing the first graphic internet meme, is seen as a foundational OG among meme enthusiasts.
- Individuals with extensive experience and unique skills in specific areas. A veteran JavaScript developer, for instance, might be referred to as an OG within the programming community.
In the crypto community, the title OG honors early adopters of Bitcoin and Ethereum. This group includes pioneers of privacy cryptocurrencies like Zooko Wilcox-O'Hearn, the creator of ZCash, and Evan Duffield, the creator of Dash.
OG helps Neo understand that there is no spoon, just like the backing of fiat currencies. Source: Х
You might come across the OG acronym in Telegram group names, YouTube channel titles, and even the nicknames of seasoned traders wanting to highlight their long-standing presence in the crypto market.
Moon Bag
The term "moon bag" refers to a portfolio of assets bought for long-term investment, aimed at achieving to-the-moon returns.
It's clear that a trader cannot invest only in a moon bag; it’s safer to have some "earthly" investments as well. Typically, moon coins make up just a small percentage (10–20%) of a portfolio, acting as an untouchable reserve for the idealist who intuitively feels these tokens will yield wealth in years to come.
A moon bag might include both well-known cryptocurrencies with solid reputations like XRP or ADA and obscure assets with tiny market caps.
A fully loaded moon bag. Source: pintu.co
In theory, a moon bag could lead you to a yellow Lamborghini. However, be mindful that many tokens that remain in bag holders’ portfolios as dead weight originated from such speculative investments.
