Even if you aren’t part of the Crypto community or the NFT community, you’ve probably heard of HODL, which is Crypto slang for “keep your asset no matter what the market conditions are”. Its actual interpretation is almost an urban myth – some believe it is a typo of the boring old “hold” while others claim it means “hold on for dear life”.
There are tons of other Crypto expressions that you might not be aware of, including NGMI and WAGMI that this article will explore. Rekt, diamond hands, SAFU, GM (which means “good morning”) and mooning are also popular terms in the Cryptocurrency and NFT community.
Generally, “Crypto” culture borrows from various special interest groups, primarily gaming, memes, popular culture and esoteric messaging boards. The community is self deprecating and usually adopts a creative or humorous way to express various market conditions.
When Crypto enthusiasts use the acronym NGMI, they usually mean – Not Gonna Make It, which has a negative connotation. When they use the acronym WAGMI, they mean We’re All Going to Make It and it has a very positive connotation. And they are opposite terms (obviously). I still haven’t explained what each slang term means, or why it’s important for you to be fluent in Cryptocurrenc-ese (i.e. slang Crypto traders use).
The importance of understanding Crypto slang
As with any market, including Crypto, there is a constant thirst for data. You can use technical analysis on the Crypto market as you can on any other market, but there is another source of information you should tap into.
The Crypto community.
Visiting so-called Crypto Twitter (currently X), or other areas on social media platforms dedicated to the Crypto world, and Discord groups, will give you a good gauge of market sentiment.
You can even use the hashtag function to see which assets Crypto investors are talking about or even potentially using NGMI or WAGMI to describe. Remember – NGMI is bad, WAGMI is good.
Unpacking the acronyms
OK, so we’ve looked at a couple of the things used in the Crypto space, but how can it help you analyse the market? Let’s take a look below.
What does NGMI mean?
What does that mean to a Crypto trader like you?
Essentially, the term NGMI is a self deprecating way to say a Crypto asset isn’t going to do well. It can also have a negative connotation regarding a new Cryptocurrency’s potential.
Here’s an example: you might see a post on Discord groups or other social media channels that says, “What do I think about this new Bye Coin? #NGMI”
The poster believes Bye Coin, or that the buyer of the brand-new Cryptocurrency, is a future loser. It can also be used for a person i.e. a Crypto trader that seems unable to profit or that makes high-risk trades.
If you haven’t picked up, Bye Coin is a hypothetical coin I just came up with for the sake of this article.
What does WAGMI mean?
WAGMI is the opposite of NGMI, meaning the person is optimistic about the asset they are referring to. If you happened to be exploring Twitter or NFT specific Discord groups, you might see Crypto traders express excitement about a new coin or NFT series, and are bullish about the assets future success.
Origins and evolution
Most trace the origin of both NGMI and the term WAGMI back to Reddit, and specifically groups related to gaming and meme culture. When it was first used, it obviously used to talk about games and memes.
Since these groups often overlap with the Cryptocurrency community, each group adopts terms from one another. Unfortunately, this makes tracing the exact origin to a single moment very challenging.
Context matters: usage of NGMI and WAGMI
NGMI is used to express doubt, but can also be used in a sarcastic way, this is why context is important.
The same goes for WAGMI (we are gonna make it). It can be used to “hype” up a specific asset on Twitter, or be used in a more humorous way, making fun of an exaggeration or someone who is overconfident.
Here’s an example of how jrny crypto (a well-known Crypto influencer) used the two acronyms on social media platform X, both in a serious and a self deprecating way.
The psychology behind the terms
Simply searching both NGMI and WAGMI acronym hashtags on Twitter can give you a good idea about which assets are being talked about, how the community perceives their performance, and where they are investing.
Most markets follow the rule of supply and demand, and demand for a certain asset is frequently defined by its participants.
This is why these two seemingly silly expressions can actually move a trillion dollar market.
Impact and influence on the Crypto community
Unfortunately, as valuable as NGMI and WAGMI are, they are frequently used by devious influencers to inflate interest in a Cryptocurrency or NFT they hold and then sell at a higher price.
In fact, we saw this happen during the huge boom in the NFT space, especially regarding certain primate-based NFTs (IYKYK i.e. if you know you know).
This can also result in a bad decision, or a call being amplified through these channels using the NGMI or WAGMI terms.
Examples in action
The worse misuse of Crypto slang is when large centralised corporations leverage this (badly) for marketing and product placements.
The worst was probably Pepsi promoting its NFT Twitter post with all the Crypto slang, even going as far as bidding WAGMI to fellow beverage giant Budweiser.
At least they didn’t pull a Wen Lamborgini.
The aforementioned jrny crypto is known to use the hashtags during market rallies and then disappear when things aren’t as optimistic.
Conclusion
If you’re going to trade Cryptocurrencies and aren’t familiar with the lingo, then you are ignoring a huge and useful resource. Being able to search multiple platforms and glean market sentiment.
As with everything related to trading, make sure you do your own research – or DYOR as the slang goes, because the benefit of Cryptocurrencies, their decentralised nature, can also be taken advantage of.
What does WAGMI mean in Crypto?
It is an optimistic rallying call meaning "We're all going/gonna make it"
What does WAGMI mean in NFTs?
It's similar but generally is used to boost moral of buyers of specific NFT.
What is the difference between NGMI and WAGMI?
They are opposite terms, NGMI meaning "not going to/gonna make it", and WAGMI "we are going to/gonna make it". Of course, both are used in a sarcastic way as well, which flips the terms' meaning.
What is the difference between HODL and WAGMI?
They are both Crypto rallying calls, although HODL, which means hold on for dear life, is usually used when markets are dropping. WAGMI is used both when markets are surging or dropping, thus it is usually considered more positive.
