The crypto community is quite familiar with WAGMI and NGMI, which are frequently used as a form of encouragement/disapproval and to react to another person's actions. That being said, if you want to pass as a crypto native and navigate crypto Twitter without confusion, you have to familiarize yourself with these terms and their correct use in the crypto space.
The origin of WAGMI and NGMI
Contrary to what one may expect, WAGMI isn't a crypto-native meme, as its origins trace back to 2008 before the first-ever bitcoin was mined in January 2009. The term WAGMI was first coined by Aziz "Zyzz" Shavershian, an early Russian-Australian bodybuilder and YouTube personality who gained a cult following among gym bros for his slew of motivational videos where he encouraged "sad c*nts" to hit the gym and become a better version of themselves.
"You gotta go to the gym. You gotta be a shredded c*nt. You gotta f*ck b*tches. You gotta not give a f*ck. Because that's what the Zyzz c*nts do. None of this sad c*nt shit. We're all going to make it bro, that's it. That's what the revolution is," Zyzz said in one of his videos.
And this is how the meme was born. As you probably figured out by now, WAGMI stands for "We're All Gonna Make It." The phrase remained within the fitness and bodybuilding community for over a decade until 2021, when it reached the WallStreetBets subreddit, a discussion board for retail investors now well-known for a series of short squeezes on meme stocks like GameStop and AMC. Here, WAGMI became a collective mantra for future success and "fat" gains, with NGMI emerging shortly after as a term for an anticipated future loss as a result of a bad decision.
Naturally, there's a huge overlap between crypto enthusiasts and meme stock traders, so both NGMI and WAGMI soon bled into the crypto and NFT world.
What does WAGMI mean in crypto?
As was said above, WAGMI is an acronym in the crypto space that stands for "We're All Going to Make It." It's often used by crypto traders on social media platforms to convey a sense of optimism and positivity about the potential of a specific coin or entire industry in general, and even more often as a battle cry to HODL during periods of market volatility or downturns.
To sum up, WAGMI has a strong positive connotation and represents an optimistic attitude towards reaching a particular goal and achieving success. This acronym is often used by crypto investors to express confidence in their strategy.
What does NGMI mean in crypto?
NGMI is another acronym commonly used in the crypto community that stands for "Not Going to Make It." This phrase has a negative connotation and is often used to describe individuals or projects that are expected to fail or underperform in the market. Therefore, the NGMI meaning is to blast someone's poor decision-making, lack of understanding about the market, or involvement in a project that is deemed not sustainable. Keep in mind that, as with any term of this nature, it's largely subjective and can be influenced by personal opinions or biases.
On NFT Twitter, NGMI is used occasionally in a self-deprecating way to highlight a missed opportunity in the market, like selling a token before its price shoots 100x.
How is WAGMI used in the crypto world?
Below, you will find some contextual examples of how WAGMI is used on crypto Twitter:
Binance boss Changpeng "CZ" Zhao poking fun at CNBC TV personality Jim Cramer who finally managed to call the bottom in the crypto market, despite being infamous for giving bad financial advice.
How is NGMI used?
Now let's take a look at how NGMI is used by the crypto community:
Vitalik Buterin, the Ethereum co-founder and self-admitted coffee hater, expresses his disappointment with English-speaking pollsters overwhelmingly choosing coffee over tea.
Twitter personality Gainzy is dunking on a desperate crypto investor.
Crypto investor and author Layah Heilpern thinks that no-coiners are missing out on opportunities.
Why are NGMI and WAGMI Important?
Both WAGMI and NGMI serve as motivational phrases and indicators of market sentiment, embodying the high-risk, high-reward nature of the crypto world.
"WAGMI" captures the spirit of optimism and collective belief in the wealth-generating potential of the crypto industry. It's a rallying cry that unites the community, encouraging "diamond hands" through the bear market and dissuading members from panic selling.
On the other hand, "NGMI" is often used as a tongue-in-cheek way to comment on perceived poor decisions or strategies, whether it's investing in a dubious project or failing to understand the dynamics of the crypto market. It encapsulates the tough love and brutal honesty often seen in online communities.
The use of these phrases illustrates the unique blend of camaraderie, competition, and rapid learning that characterizes the crypto space. They also underscore the fact that in an industry as new and volatile as cryptocurrency, maintaining a sense of community and shared experience is crucial.