When a crypto token’s price goes to the moon, this means it’s going up in value – generally a positive thing. So, why is it that when someone is called a moonboy in the crypto space, it seems to have a negative connotation?
Keep reading to find out the meaning of this crypto slang term and how you can avoid becoming a moonboy when you invest.
What Is A Moonboy?
A moonboy is a person who isn’t logical or rational, simply putting a lot of faith in an NFT project or crypto coin. Because of this, they tend to dismiss criticism from other people and write them off as spreaders of FUD (an acronym for “fear, uncertainty, and doubt”), even if there’s news or evidence of valid concerns about the project.
In the mind of a moonboy, critics just have “paper hands” and are too weak to believe in a coin or project. Meanwhile, they have “diamond hands” or the resolve to see a project all the way to its meteoric rise to the moon.
Because of this, cryptocurrency space likes to use the label “moonboy” in a derogatory way. For example, someone who invests in a “shitcoin” (a.k.a. coins with little to no value) yet expects to have high returns may be called a moonboy.
Not All Moonboys Go To The Moon
It is possible that some moonboys will fatten their wallet by investing and strongly believing in a project. This is true of many crypto assets, which have reaped serious rewards despite doubts from many traditional financial institutions. However, there have been just as many moonboys that were burned by ignoring the signs that a project has been abandoned – or worse, turned out to be a scam.
An example of moonboys losing their money through blind faith is when they overhype P2E (play-to-earn) blockchain games. Many of these games worked solely on the rate of return for investors but failed to create sustainable user bases through fun and playability.
Despite this, moonboys for these games will defend the game models and dismiss points about game playability as hate or fear from people with paper hands. This has resulted in them continuing to play the game and grinding daily to get tokens, despite their crypto prices going lower and lower.
Moonboys Have Inspired NFT Collections
Moonboys are such a big part of the cryptocurrency space that they’ve even inspired NFT projects. The Moon Boyz is an NFT project with 10,000 unique tokens minted on the Ethereum blockchain. Each unique NFT is 3D-designed and aims to capture the spirit of the blockchain community. There’s even a Moonboy Society that has a collection of 5,000 randomly generated moonboy NFTs.
You can get any of these as a collectible digital asset on the Ethereum blockchain. You’ll get a unique NFT, as well as membership access to their project. The social network is still under development, but there are plans to connect Moonboy Society NFT holders to real events and clubs.
It’s unclear if these projects already have their own moonboys or will be profitable investments, but their existence is a clear sign that moonboys are a part of crypto enthusiast culture.
Though it’s easy to get caught up in the excitement of a promising blockchain network project or token, be wary of becoming a moonboy. Keep an eye on developments and funding if you’re thinking about investing in NFTs, and see what the rest of the cryptocurrency community has to say in forums.
DYOR (do your own research) and be mindful about when you’re putting too much faith in a coin because of strong emotions! If someone is critical about a project, that’s your sign to do a little digging and prevent a potentially huge loss.