The trenches, written down by the people in them.

A coin that has completed its bonding curve and moved onto a DEX pool — on pump.fun, onto PumpSwap. Migration is the first real filter a launch passes.

The pricing mechanism a coin launches on. Price rises along a fixed curve as supply is bought, with no order book and no LP needed — which is what made launching a coin cost almost nothing.

Routing creator fees back into the chart instead of to the dev — either 100% or some split. Standard for most coins and narratives now. It exists because the fees-to-dev meta didn't hold: devs earned so much that the platform itself started dying.

Centralised exchange and decentralised exchange.

Linking a coin's fees to a charity address through pump.fun. One of several fee structures that emerged after fees-to-dev stopped working.

The price chart of a token — and by extension the token itself. "The chart is holding" and "the coin is holding" mean the same thing.

Something you can buy on-chain. Used interchangeably.

A paid listing that gives a coin enhanced data — updated ticker, image, name, banner and social links. Around $300. Honestly redundant in this market, but it still signals a coin might run, because it means someone spent money. Almost every coin that runs has one.

A self-custody wallet like Phantom. You send funds from a CEX to a dex wallet to trade on-chain. DeFi, web3 and on-chain are all interchangeable terms for the same thing.

Revenue generated from trading volume on a chart. Where they're routed — dev wallet, back into the chart as cashback, or to a charity address — is a design choice per coin, and the meta on it has changed repeatedly.

A platform for minting tokens within a chain. pump.fun is the dominant one on Solana; every chain has its own.

How easily a token can be bought and sold. Everything downstream — slippage, price impact, whether you can actually exit — is a function of it.

A smaller-sized CEX listing.

The launchpad that reshaped memecoins. Bonding curves, low mint fees, seeded virtual liquidity, and a 1% buy and sell fee. That combination is what started the memecoin supercycle that ran into TRUMP.

Buying and sending someone 80% of supply to force a low-float structure, pushing the market cap higher on less buying.

Transactions bundled with the dev's token creation, in the same block — used to buy supply into wallets other than the dev wallet. Snipes land after block 0, then other buyers, and snipes can still land after that.

Buying a coin's supply at the floor, or a relative floor, and controlling it. Not every bundle is inherently bad — bundling is the norm on Solana and in memecoins generally. Serial deployers typically bundle 10–50% of supply. The distinction that matters is a standard bundle as dev compensation versus an extractive one designed to rinse buyers.

Wallets seen buying before a listing.

When the creator of a token sells a large amount of supply in one clip. Read as bearish by default, though what people object to is usually the surprise rather than the sale.

The wallet belonging to the coin's creator.

The most widely disputed term in the trenches. At one end it means outright fraud — honeypots, hacks, extractive bundles, fake narratives and psyop charts built to rinse people. At the other it just means anyone making money in a way people don't like or find ethically questionable, such as streaming to a newer audience. Both readings are in active use, and which one someone means usually says more about them than about the person they're describing. The unfortunate reality is that you're responsible for your own losses nine times out of ten — crypto is the wild west.

Brand-new wallets, or newly funded ones. A cluster of freshies buying at once means something.

Separate wallets connected by funding source, coins traded, behaviour, or creation time. Linkage is inferred from patterns, not proven.

Market making. Controlling a chart and its supply. Can be used a number of ways — to drive attention, to support a coin, or to create artificial demand.

Holding enough of a coin's supply to determine how the chart behaves. Generally speaking, every memecoin is supply-controlled to some degree.

A token that tries to steal liquidity from a trending narrative by copying its ticker, image, name, social links or fee structure — often with a bundle, a griefed DEX payment and wallet differences to look organic. Any post with momentum gets vamped hundreds of times in parallel, which is why being early to the news is not the same as being early to the coin.

"got vamped 400 times before he even finished the thread"

Either buying a coin across a range, or the overall structure of a chart that's building rather than running.

To buy.

Buying with size.

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Selling a percentage of your holdings rather than the whole position.

Mirroring another wallet's buys, by hand off a tracker or automatically off the chain. Works right up until the wallet you're copying knows it's being copied — at which point you're the exit, and you're paying for the privilege in worse fills.

Due diligence. Research into a token to work out whether it's any good. An absolutely vital concept in crypto and the one most consistently skipped.

To have a buy or sell execute — good or bad.

Selling 100% of your holdings in one go. Typically a bad idea on a large position, because of slippage and price impact.

To sell too early — if you'd held longer you'd have profited. Measured against what the position went on to do, not against whether the trade was green.

To sell too quickly — either missing the gains or cutting a loss that didn't need cutting. Also the person who does it. Distinct from taking profit: the word implies the seller was right about the coin and wrong about themselves.

"jeeted at 40k, it did 4m an hour later, i'm not okay"

A big sell.

Selling the exact top or the exact bottom of a coin. Usually said about yourself, bitterly.

To sneak in a big red candle before the chart wicks back and continues positive price action.

How much the price moves in relation to available liquidity when you trade. The reason size can't exit the way it entered.

Buying directly from a terminal's main page or feed without opening the chart. Not recommended for new traders.

A trading style built on getting into coins or catalysts early, either by hand or by automation.

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Coins with an actual utility rather than just a narrative — a product, revenue, something that exists.

Animal coins are integral to crypto — dogs, cats, and everything after. A disproportionate share of coins that run are animals.

Usually said about market volume rather than a specific coin.

The first coin of a meta, chain or narrative. Being it is worth more than being better.

A parabolic chart pattern.

What the trenches are currently buying. Changes weekly and knowing the current one is most of the edge.

The story a coin is about. The thing being traded is usually the narrative rather than the token.

Freshly minted tokens, typically on pump.fun. Low liquidity, fast moving. 99% are slop or rugs that either stay at zero or get PvP'd at 10k.

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Player versus environment. Easy conditions — a chart anyone can buy and it goes up.

Player versus player. Choppy price action — either on a specific chart or across the market generally. Everyone is trading against each other rather than into fresh money.

"whole board is pvp right now"

The market rotating from token to token, with each one topping lower than the last. Hyper rotation is when that cycle compresses to hours.

A coin that goes to a relatively or exceedingly high market cap. Typically a couple a day, varying with market conditions, the meta, and whether any fresh narratives are around.

Real world asset.

The market cap a token topped at — or the one people are speculating it will top at.

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Tokens or USD traded within a timeframe.

Crypto Twitter.

An overarching term, older than the trenches, for crypto people generally.

People who launch coins constantly. They make money by being the fastest deployers with a reputation, good or bad — they make coins people buy, and they typically bundle a lot of the supply, 10–50%.

The creator of the coin, or of the project the token is about.

Interchangeable insults for someone buying without thinking. Sits alongside harsher variants in common use.

Key opinion leader. Someone in the space with a following.

How much influence someone has.

Crypto's generational factions, usually deployed as an insult across chains. A family of chain-loyalty terms exists alongside these, most of them imageboard-derived and considerably harsher.

New traders. The money everyone else is positioned ahead of.

Spamming low-value transactions to pull new eyes onto a wallet via wallet trackers.

To buy or blast a coin. Also appears as "crime token".

A whole meta built around Doge, Dogemama and their pets, tracked through her blog and Instagram.

Big.

To add glow to an image.

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Psychological operation. An attempt to force or trick people into believing something. Sometimes a psyop is lowkey good.

To promote a token.

The Solana memecoin market, and by extension the same market on other chains. Not a place or a platform — a way of trading: fast, low-liquidity, high-turnover, adversarial. The name is the joke and the warning at once.

The early pump.fun era is generally traced to coins like MOTHER and PNUT — that's what's credited with starting the bull run.

Market data API for on-chain tokens — prices, liquidity, volume.

A way of viewing bundles and multi-wallet clusters to see potential supply control.

A way to query and view on-chain data through SQL dashboards.

People trading on the FOMO platform, where live positions are notified on the phone.

API infrastructure for Solana on-chain data and execution.

An easy way for non-technical people to judge whether a project's GitHub is legitimate or any good.

A dedicated server for fast execution and streaming chain data. Very pricey, and the difference between landing a snipe and watching one.

The programming language Solana programs are typically written in.

The back end of Solana. View transactions, wallets, and everything else that actually happened.

What people actually trade through — Axiom, GMGN and others. Not the chain, not a DEX front end: the tool with the feed, the filters and the one-click buy.

Tools that watch X for the posts coins get deployed from. J7 is the common one.

Tools for tracking other people's wallets in the trenches. A wallet list is who you're watching.

The Chinese chain. Avoid if you're new, unless you speak Mandarin.

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Ethereum. Not recommended at all for beginners.