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The first-ever Decrypt People of the Year are the"DeFi degens,"a word that has emerged to define the self-described degenerate-gambler traders and architects who are pushing the boundaries of decentralized finance. Trading NFTs � and particularly the short-term, high-risk flipping of degens � often hinges on getting as many people involved as possible, boosting the price of the latest meme currency or JPEG collection to later dump it for a massive profit. Related: How To Create An Ethereum Crypto Wallet With Metamask CoinGecko describes a 'degen' short for 'degenerate' as someone who " buys into an asset not because they see value, rather they do so with the belief that others will join in after them and speculate on the price swings.
