Key Takeaways
- “Up only” has had a significant influence on the minds of crypto degens following strong bull runs.
- “Rugged” makes its mark in the DeFi summer following the crash in crypto projects, leading to a bear market.
- Crypto meme catchphrases are just for fun, but they remain a cultural heritage of the crypto communities.
In the crypto space, memes are not there for fun.
Although they serve this purpose, these memes have gained widespread acceptance and usage, especially on social media platforms like X, Discord, and Telegram, as they convey a unique language that is concise yet carries more details, an ideology, and a market tone that is either upbeat or downbeat.
Volatility in the crypto space comes with numerous uncertainties. For an industry that breaks all the norms of a financial market, it’s no surprise that these memes are used to transmit information from OGs, analysts, and investors, making it possible to do a lot of filtering on X.
Over the years, key meme catchphrases have shaped the culture of the crypto market and reflected the emotions of traders and investors in their trades or investments, ranging from euphoria to despair, with HODLing through market uncertainties.
Catchphrases like “Up Only” and “Rugged” have had a long history, from the DeFi (Decentralized Finance) summer of 2020 to becoming a common term used in crypto to describe different experiences in bullish market scenes, as well as getting rekt.
Meme Catchphrases And Why They Matter
To non-degen traders, crypto memes might seem like trash, but these memes have become a key cultural heritage of our hope for making it, with a possible 10,000X potential.
These memes are a reflection of our identity as we bond with fellow degens, share hope, and build a strong, thriving community with the same goal and dreams of driving Lambos someday.
HODL, WAGMI, RUGGED, and other memes have outlived millions of crypto projects in the space, building long-lasting bonds for their community.
Similar to traditional finance, having a return on equity (ROE), these memes are our heritage and history of how far the crypto market has evolved over the years.
Let’s take a ride through crypto history, with memes playing a key part in the growth of the crypto space.
1. “Up Only”
“Up Only” has become a bull market mantra since the bull markets of 2017 and 2021, as it reassures traders and degens like us of the optimism surrounding the bull market, with altcoins smashing new highs.
Fueled by dreams of “to the moon” and beyond, this has become an inspirational meme for many degens on X, Reddit, and Discord communities.
While this meme seems delusional (Delulu), fueled by unrealistic expectations of the market, crypto influencers like BitBoy and others have enjoyed using these words.
2. Rugged
Devs create the next 100x potential project, marketing rallies, liquidity is pulled out, and you are left (Rekt) back to zero.
So the circle goes on: rugged became a meme used following a trend of DeFi staking opportunities promising over 60,000% APY and, before you know it, POOF.
Devs vanish and are difficult to find, creating disbelief among degen traders; if you haven’t been wronged, then you are not an on-chain trader, as many on-chain traders have suffered from being rug-pulled at some point.
As funny as it seems, this became a meme to teach a valuable lesson to always carry out due diligence before investing in crypto projects.
“He rugged me” became a meme slang in crypto, describing an event on a crypto project or a Dev involved.
Meme catchphrases continue to evolve in the crypto space, with new narratives and cycles giving rise to new memes, such as “cope,” “shippers,” “degen,” and others.
One thing is setting, be it “Up only” or “Rugged.” We are both here for the bag and WAGMI.
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