Editing Glossary of trenching terms

**Glossary of trenching terms** lists slang used in the [[Trenches|trenches]], the early, high-risk market for new memecoins, chiefly on [[Solana]] launchpads such as [[pump.fun]].[^1] Much of it is older crypto and NFT slang; some terms name on-chain mechanics specific to Solana launches.[^2] Only terms found in reputable coverage or official documentation are listed.

### A–B
- **Alpha**: insider or valuable information about a coin or trade.[^2][^1]
- **Ape** (or **ape in**): to buy impulsively, with little research.[^2][^1]
- **Bags**: a trader's holdings of a token, usually a large amount.[^2][^1]
- **Bonding curve**: the formula-priced launch contract that sells a new token before it has a pool; see [[Bonding curve]].
- **Bundle**: buying at launch from several wallets at once, which makes insider demand look like independent buying; see [[Bundling]].[^1]

### C–F
- **Cabal**: insiders who coordinate to promote particular tokens, from the word for a secret political faction.[^3]
- **Copytrade**: to mirror another wallet's buys and sells, usually by bot; see [[Copy trading]].
- **CTO**: community takeover, holders reviving a coin its creator abandoned; see [[Community takeover]].[^1]
- **Degen**: short for degenerate; a high-risk trader, often used of oneself.[^2][^1]
- **Diamond hands**: holding through large price swings.[^2]
- **DYOR**: "do your own research", a disclaimer often paired with NFA ("not financial advice").[^2]
- **Fair launch**: a release with no [[Memecoin presale|presale]] or insider allocation.[^1]
- **FOMO / FUD**: fear of missing out; fear, uncertainty and doubt.[^1][^2]
- **Freeze authority**: an address able to freeze holders' token accounts, which can be used to build a honeypot; see [[Mint authority]].[^5]

### G–L
- **Gem**: an undervalued coin found before the crowd.[^1]
- **Graduation**: a token completing its bonding curve and moving to a standard exchange pool.[^1][^4]
- **Honeypot**: a token that can be bought but not sold; see [[Honeypot]].[^5]
- **Jeet**: a derisive term for a trader who sells too early or panic-sells.[^1]
- **KOL**: key opinion leader, an influencer whose calls move prices; see [[KOL]].
- **LFG**: an exclamation used to hype or congratulate.[^2]
- **Liquidity**: the depth of a token's pool; a sale large relative to the pool moves the price sharply.[^8]
- **LP burn**: destroying a pool's liquidity-provider tokens so the liquidity cannot be withdrawn; pump.fun burns them when a coin migrates.[^4] See [[Liquidity pool]].

### M–R
- **MEV**: maximal extractable value, profit taken by ordering trades around other users' pending transactions.[^7]
- **Migration**: the move of a completed bonding curve's liquidity into an exchange pool; on pump.fun the pool is PumpSwap, and anyone may trigger it.[^4]
- **Mint authority**: an address able to create new supply; launchpads such as pump.fun and [[LetsBonk]] set it to null.[^5] See [[Mint authority]].
- **Moon**: a sharp price rise; "wen moon" asks when one will come.[^1][^2]
- **NGMI**: "not gonna make it", dismissive of a person or project.[^2]
- **Paper hands**: selling quickly, often in panic, and missing later gains.[^2]
- **Priority fee**: an optional Solana fee, priced per compute unit, that makes the current leader more likely to schedule a transaction first; it goes entirely to the validator.[^6]
- **Pump and dump**: inflating a price with hype, then selling into it; see [[Pump and dump]].
- **Rug** (or **rug pull**): creators pulling liquidity or dumping holdings, collapsing the price; see [[Rug pull]].[^1][^2]

### S–Z
- **Sandwich**: an MEV attack in which a bot trades just before and just after a user's swap, profiting from the price move the swap causes.[^7]
- **Send it**: to make a risky buy.[^1]
- **Slippage**: the gap between the quoted price and the price a trade actually fills at, large when the pool is shallow.[^8]
- **Snipe**: to buy in a token's first moments, usually by bot; the buyers are **snipers**. See [[Sniping]].[^1]
- **Stimmy**: money handed to traders, from "stimulus payment".[^1]
- **Trenches**: the chaotic early stage of memecoin trading; its traders are **trenchers**.[^1]
- **Underwater**: holding a token at a loss.[^1]
- **WAGMI**: "we're all gonna make it", a community catchphrase.[^2]
- **Wash trading**: one party buying and selling to itself to fake volume; see [[Wash trading]].
- **Wen**: "when", as in "wen moon"; the memecoin [[Wen]] takes its name from it.[^2]
- **Whale**: a holder large enough to move a token's price.[^1]

## See also
- [[List of memecoin traders]]

## References
1. [What are "the trenches"? A guide to Solana memecoin culture and slang](https://crypto.news/what-are-the-trenches-solana-memecoin-culture-slang/), crypto.news, 2026-06-29
2. [GM, WAGMI, GN: Decrypt's Ultimate Guide to Bitcoin and NFT Slang](https://decrypt.co/99724/gm-wagmi-gn-decrypts-ultimate-guide-to-bitcoin-and-nft-slang), Decrypt, 2022-05-08
3. [Meme Coin Airdrops $10,000 Worth of Tokens to Crypto Influencers—Most Instantly Sell](https://decrypt.co/246855/cabal-meme-coin-airdrop-influencers-sell), Decrypt, 2024-08-28
4. [Pump program README](https://github.com/pump-fun/pump-public-docs/blob/main/docs/PUMP_PROGRAM_README.md), pump.fun (GitHub), n.d.
5. [How to Find Solana Mint, Freeze, and Update Authority](https://www.helius.dev/docs/orb/explore-authorities), Helius, n.d.
6. [Transaction fees](https://solana.com/docs/core/fees), Solana documentation, n.d.
7. [Solana client Jito Labs axes mempool function following increase in MEV attacks](https://www.theblock.co/post/281504/solana-client-jito-labs-axes-mempool-function-following-increase-in-mev-attacks), The Block, 2024-03-09
8. [PEPE Holder Turns $250 into $1M in Four Days. But Can They Sell It?](https://decrypt.co/137203/pepe-holder-turns-250-into-1m-in-four-days-but-can-they-sell-it), Decrypt, 2023-04-19