暗号通貨におけるデゲン文化：ハイリスクトレーダーそれともコミュニティの反逆者？

The Real Definition of “Degen”

In crypto circles, “degen” (short for degenerate) isn’t always an insult—it’s more like a self-aware flex. These are traders who treat crypto like a high-stakes poker game: leveraged positions, meme coins, unaudited projects, you name it. They’re chasing 100x returns while fully knowing they could lose everything.

But here’s the thing: not all degens are reckless gamblers. Many are just community enthusiasts who’ve embraced the volatility as part of the game. They actively contribute to projects, provide feedback, and genuinely believe in the sector—even if their trading strategy looks insane on paper.

Where Did This Come From?

The term traces back to gambling slang (“degenerate gamblers”), but it found its perfect home in crypto. Why? Because the crypto market’s wild volatility makes extreme leverage strategies both possible and tempting. Bitcoin swings 10% in a day? Perfect conditions for degen plays. A new token launches with no audit? That’s degen territory.

Retail traders, especially during bull runs, got hooked on the idea of turning $1,000 into $100,000 overnight. The strategy: find volatile assets, use 10x-50x leverage, and pray volatility works in your favor.

The Math: Massive Wins vs. Catastrophic Losses

Degen trading is a asymmetric bet—you’re betting on outsized moves.

The upside: If you nail a 10x leveraged position on a breakout, you’re printing money. Early DOGE gamblers made life-changing returns.

The downside: Leverage cuts both ways. A 10% dip on 10x leverage = 100% account liquidation. Happens faster than you can blink.

Most degens base decisions on momentum and hype, not fundamentals. Short-term price action > long-term utility. This creates an environment where fortunes can flip in hours.

DeFi Degens: The Problematic Cousin

Then there’s a darker version: pump-and-dump schemes. A coordinated group buys a shitcoin, hypes it, then dumps bags on retail FOMO buyers. These “DeFi degens” create baseless projects that destroy investors and distort the market, making legitimate projects harder to break through the noise.

The Bottom Line

Are degens good or bad? Depends who you ask. They add liquidity and volatility to markets. They’re early believers in new technology. But they also get liquidated spectacularly, lose life savings, and sometimes participate in scams.

The crypto community has embraced the term as both a warning and a badge of honor. It captures the sector’s highest highs and lowest lows—sometimes in the same trade.

The real question: Are you ready to lose what you can’t afford to lose for a shot at 100x?