The term 'Degen' is a shortened version of 'degenerate gambler,' which evolved from traditional sports betting into a badge of honor within the cryptocurrency and NFT communities. Unlike traditional investors who focus on fundamentals, a degen thrives on high-risk, high-reward plays, often investing in unvetted projects or using extreme leverage. The meme culture surrounding degens typically features self-deprecating humor about losing money, staying up all night to watch price charts, and the chaotic 'apeing' into new tokens based purely on social media hype. It represents a specific subculture of Web3 that prioritizes speed, community sentiment, and the thrill of the gamble over traditional financial safety.