In the fast-paced crypto space, making the right moves is crucial. But what happens when you’re unsure if you’re on the right path? NGMI (Not Gonna Make It) can be a harsh reality, while WAGMI (We’re All Gonna Make It) offers hope. Understanding these terms could be the difference between success and failure in the crypto space. Let’s unpack what they mean and how to use them wisely.
KEY TAKEAWAYS
• NGMI (Not Gonna Make It) and WAGMI (We’re All Gonna Make It) are more than just phrases; they reflect the mindset and behaviors within the crypto community.
• NGMI is often used to label individuals or ventures that are likely to fail due to poor decision-making or lack of research. It serves as a warning to avoid common pitfalls in the crypto market.
• WAGMI is a rallying cry that embodies hope, support, and the belief that success in the crypto world is achievable through collective effort.
What Is NGMI?
NGMI is short for “Not Gonna Make It,” a term that’s often used in the crypto community to refer to crypto ventures or individuals that aren’t likely to succeed. This could be due to making uninformed investment decisions or failing to research the market conditions properly. Social media users often use NGMI during market downturns.
How is NGMI used?
NGMI is often used to mock (often jokingly) people who don’t believe in cryptocurrency. Members of the crypto community also use the term to throw shade at people who choose to remain ignorant about basic concepts in web3.
A good example of a person who got the NGMI tag is the CNBC TV personality Jim Cramer. People often ridicule him for regularly getting his stocks and crypto predictions wrong. He is so infamous for giving bad financial advice that there is even an ETF — Inverse Cramer Tracker. It is a financial instrument dedicated to providing investment results that are the exact opposite of what Jim Cramer recommends.
Here are some contextual examples of how NGMI is used:
Using NGMI responsibly
While NGMI has become a popular term in crypto, you should be careful when using it. Labeling someone as NGMI can backfire, as it has a strong negative connotation.
Many people have reasons for taking their actions, and life situations can change quickly, making a previously wise decision seem silly. Thus, you should not use NGM to shame or belittle someone. Rather, you should use it to caution against poor investment choices and encourage a more informed approach to crypto investments.
Did you know? The popularity of these terms has inspired the creation of new crypto projects, such as the NGMI Meme Coin, which uses a reverse Honeypot model and is based on the Avalanche blockchain. This coin represents the growing trend of meme-based projects that leverage the viral nature of crypto slang to gain traction in the market. However, these projects carry risks, as the terms can be used to promote dubious ventures.
How to avoid the NGMI tag
No one wants the NGMI label in the crypto community. So, how do you avoid it:
Making informed decisions: Before investing in any project, it’s essential to research thoroughly and analyze market conditions. This means staying up-to-date with the latest news and trends in the crypto space. You should also consult with experts and seek advice from people who have been successful in the industry.
Understanding the risks associated with investments is essential: The crypto market is volatile, and prices can fluctuate rapidly. Therefore, investing only what you can afford to lose is essential. Avoid making decisions based on emotions and fear of missing out (FOMO), leading to rash and uninformed decisions.
What is WAGMI?
WAGMI stands for “We’re All Gonna Make It.” Most sources agree that the phrase was first coined by Aziz “Zyzz” Shavershian. He was a Russian-Australian bodybuilder and one of the first fitness influencers on YouTube. The phrase was active in the fitness circles until 2021, post which WallStreetBets (WSB) made it even bigger.
This is a popular Reddit community known for its eccentric investment strategies. From this group, which includes a lot of crypto enthusiasts, WAGMI made it to the crypto scene and is now an integral part of the crypto culture.
WAGMI in the crypto space
WAGMI is about making a profit and seeing success in the cryptocurrency industry or hoping this will happen soon. When people say WAGMI, they remind crypto enthusiasts that they are not alone. A whole community stands behind them, ready to support some crypto asset or NFT collection together.
WAGMI is a rallying cry for crypto traders, investors, and enthusiasts. But WAGMI is more than just a catchphrase; it’s a support mechanism that the web3 community uses to show support to fellow crypto community members.
How is WAGMI used?
The phrase “We’re All Going to Make It” has a strong psychological impact. It reminds crypto enthusiasts that there is hope for a better future and that they are not alone in the pursuit of that future. Here are some examples of how the acronym is used:
WAGMI is a battle cry among crypto enthusiasts to remind each other that, by working together, we can achieve great things. And even if times are hard right now, they will get better.
What role do NGMI and WAGMI play in crypto?
The terms NGMI and WAGMI play a key role in how people communicate in the crypto space.
The role of NGMI in crypto
For instance, web3 community members use NGMI to label people who don’t see the value in investing in crypto assets like digital currencies, governance tokens, meme coins, or non-fungible tokens. They consider their unwillingness to buy into these assets a mistake. In the web3 community, it’s similar to calling someone a loser.
One can also extend the NGMI label to crypto community members themselves. For instance, NFT holders who price their NFTs below the floor price or constantly flip NFTs without considering losses and profits often get the NGMI tag.
While NGMI may seem like a negative term, it is helpful for traders and investors looking to avoid investing in coins or tokens that might fail in the long run. By identifying potential losers in the market, traders can focus their attention and investments on cryptocurrencies that have a better chance of success.
The role of WAGMI in crypto
In a similar way, WAGMI has become a common term in social media networks like Twitter as a way to build confidence in the crypto markets. On the flip side, it is a term to mock social media influencers who are promoting dubious projects or making outrageous price claims. However, WAGMI’s true power lies in its ability to inspire hope, confidence, and positivity in the web3 community.
For instance, even during bear markets, people use WAGMI to remind themselves that sticking to the right conviction makes them most likely to succeed. In addition, you can use the phrase when a project implements positive updates, announces airdrops, or shows a price increase. Crypto traders use this acronym when they open a long position or buy a coin during a bear market.
WAGMI has also become a tool for building communities around NFT collections. For instance, a user buys an NFT from a new low-cost collection, then finds other NFT holders, and together, they encourage others to join their community using this catchphrase.
While WAGMI may seem like blind optimism, it can be a useful mindset for traders and investors looking to take advantage of the potential for growth in the cryptocurrency market. By maintaining a positive outlook on the market as a whole, traders can stay motivated and focused on identifying opportunities for growth and profit.
Whether you’re a trader, investor, or enthusiast, WAGMI reminds you that you’re not alone and that you’re part of a movement that’s working towards a common goal and purpose: to reinvent the internet and finance. So, stay positive, work hard, invest smarter, and improve your trading skills!
WAGMI and NGMI are part of crypto culture
WAGMI and NGMI have become prominent terms in cryptocurrency. While WAGMI represents the crypto community’s optimism about the future of blockchain technology and digital assets, NGMI warns against poor investment decisions and lack of research.
Both terms have a place in the crypto culture, and it is important to understand their context and meaning before using them. Having said that, staying committed to sound investment strategies and responsible financial decisions is essential in the crypto markets. It’s, therefore, best not to let internet memes influence decisions or the opinions of (largely anonymous) social media users who claim that WAGMI or you are NGMI.
Frequently asked questions
What does NGMI mean in crypto?
What does WAGMI mean?
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