Glossary of trenching terms
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Glossary of trenching terms lists slang used in the 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 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- LP burn: destroying a pool's liquidity-provider tokens so the liquidity cannot be withdrawn; pump.fun burns them when a coin migrates.[4] See Liquidity pool.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]
References[edit]
- ^ What are "the trenches"? A guide to Solana memecoin culture and slang, crypto.news, 2026-06-29
- ^ GM, WAGMI, GN: Decrypt's Ultimate Guide to Bitcoin and NFT Slang, Decrypt, 2022-05-08
- ^ Meme Coin Airdrops $10,000 Worth of Tokens to Crypto Influencers—Most Instantly Sell, Decrypt, 2024-08-28
- ^ Pump program README, pump.fun (GitHub), n.d.
- ^ How to Find Solana Mint, Freeze, and Update Authority, Helius, n.d.
- ^ Transaction fees, Solana documentation, n.d.
- ^ Solana client Jito Labs axes mempool function following increase in MEV attacks, The Block, 2024-03-09
- ^ PEPE Holder Turns $250 into $1M in Four Days. But Can They Sell It?, Decrypt, 2023-04-19