Refers to a trader who is interested in making investments in risky and unaudited crypto projects.
The Long Explanation
Short form of Decentralized Finance Degenerate, the term refers to a trader who is interested in risky and unaudited crypto projects for investments.
DeFi Degenerates are also called degenerate gamblers or degen traders, and they typically focus their investment on meme tokens and other joke projects. Their primary goal is to hype up token prices through private channels and forums within a short period, attracting the attention of other investors.
What follows this surge is a huge dump, causing the value of the tokens to collapse, causing heavy losses to other investors, but only after DeFi degens have taken their profits.