Degen is an abbreviation for Degenerate and is often used to refer to those whohave not conducted proper research and due diligence. In the case of people involved in high-risk, speculative Crypto trading or investment.

The origins of the word degen can be traced back to sports gambling, where it refers to gamblers who lack the necessary knowledge or expertise to back their bets, yet invest large sums of money. In Crypto, they are seen as those who do not pay attention to price indicators, token economics, fundamental analysis or technical analysis, and may make investment decisions based solely on superficial factors such as a Crypto asset's logo or a catchy slogan .

CoinGecko describes Degen as a group of people who "buy assets not because they see value, but because they believe others will join after them and speculate on price movements." DeFi Degens are always looking for the highest yield and highest risk, and they will not hesitate to jump into obvious Ponzi schemes and crypto pump & dump scams, planning to sell before the dump comes.

Despite the negative connotations associated with the word degen, many members of the cryptocurrency community have come to view it as a badge of honor that demonstrates their willingness to take risks and embrace the industry. Despite the possibility of losing money, Degens are often seen as passionate and committed active members of the community. They help build community by actively participating, providing ideas, feedback and support. Crypto's web3 credit tool Degen Score is a typical example. Users with higher Degen scores are often considered to be the most active participants in the community.