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What is REKT?
REKT is yet another crypto slang. So, what is REKT? It means exactly what it sounds like – wrecked. It is used to describe someone that has nothing to lose now because they have lost everything that they owned. The explanation makes it a perfect market term.
In cryptocurrency, this term becomes all the more important because crypto heads are quite used to the ongoing boom and bust market. The volatility in crypto can render hundreds of crypto enthusiasts REKT in a bear market in no time, resulting in an overall NGMI sentiment. The same volatility can write their rags-to-riches story in a bull market.
Thus, in crypto, you can never be forever REKT as losses can always be recouped and holdings can always grow back to better rates and prices. However, it is a phenomenon that must be taken into account.
The origin of REKT & online gaming communities
When it comes to REKT’s origins, we don’t know when exactly it came about and became such a big thing. However, we do know that it came from online gaming communities especially the ones which involved competitive multiplayer games.
If you remember one of the greatest Disney animations, Wreck-It Ralph, you would know that it has a lot of video game cameos and references. Thus, you can think of the term in a very Disney way.
Anyway, it was in the mid-2010s that online chatting platforms specific to gaming and gamers started to pick up a good pace. People in gaming communities would interact with each other and you know when people become communities, their languages also become distinguished. Among other slang words unique to the gaming community, REKT is also one such word.
It started off as a sarcastic little comment to refer to someone who has suffered a major defeat in an online battle or a setback. Eventually, it started getting adopted by the crypto community and here we are.
From gaming to crypto – how?
Gaming and crypto communities resemble each other because of the nature of losses, gains, and the overall workings of both communities. This makes the term REKT more nuanced as well.
The reason why the term traveled from gaming to crypto is that both communities have a high degree of risks and great rewards. Both communities are volatile. They have people who behave like proper degens.
Moreover, they are widespread all over social media. If there are two communities that happen to be the most diverse as well as the most available on social media, it is the gaming and the crypto communities.
The resemblance between both has led to a great overlap between the two. Avid gamers tend to be crypto heads whereas hardcore crypto enthusiasts can also most likely be amazing gamers. This is how the term traveled from the gaming communities of the 2010s to the crypto communities of today.
What is a REKT token?
REKT token is essentially a meme coin. In professional terms, it is an Arbitrum-based token. Meme coins do not have much monetary value but they have an online cult following triggered by a meme or a certain incident in real life, on Twitter, or on any other platform.
Thus, the REKT token is for users, investors, and traders to gain some clout, have fun and maybe take a risk or two. In January 2023, REKT created a Twitter account to its name. The account is focused on meme coin updates and what is happening in the REKT-verse.
As per sources, the total supply of REKT tokens is 420 trillion. To differentiate between the token and the term, the REKT token is usually written as $REKT.
Is REKT a good investment?
Whether $REKT is a good investment depends on multiple factors like overall tokenomics, consumer behavior, market conditions, and general user demand.
However, since $REKT is a meme coin, it does not have much value. Given the uncertainty and the volatility in the market, investing hefty sums of money into a meme coin cannot be recommended as there are chances that there may be little to no returns.
However, if meme coins interest you, it is recommended that you keep an eye on the developments announced by meme coin producers, check for the availability of any price prediction models and platforms, and whether the owners are innovating the coin by expanding into NFTs and other projects.
Real-life examples of REKT
There are three great examples of REKT and they are:
Cuban is a billionaire investor and entrepreneur who invested in a crypto project known as Iron Finance and lost because the value of the coin went down almost completely. This became a classic REKT example.
2.China Crypto Crackdown
Investors and developers alike have lost a lot ever since China’s crackdown on crypto and its strict regulations against the ecosystem. This has led to investors losing their investments as a result of the overall negative market sentiment and little to zero consumer confidence.
3.The Poly Network Hack
In 2018, the cryptocurrency lending and exchange platform BitConnect was revealed to be a Ponzi scheme, with its founders disappearing with approximately $2.5 billion in investor funds. The investors lost a significant amount.
In conclusion, REKT is a term inspired by the gaming community lingo that is used in crypto as well. It is used to refer to someone that has lost the value of their holdings and is completely wrecked. If you don’t want to get REKT, DYOR.