What Does Jeet Mean in Crypto?
Jeet, short for Just Exit Early Trader, describes a person and a behavior in crypto trading. According to Urban Dictionary, jeet is “someone who sells pretty much no matter what.” To jeet means to sell assets quickly. The word often appears in forums as a part of crypto slang terms.
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As with most slang words, the precise origin of “jeet” is unknown because slang terms start in communities and are not documented in formal documents immediately. The crypto community often uses the word “jeet” in a humorous or critical context to describe cautiousness and responsiveness to price drops.
The Reasons Behind Jeeting
Investing in crypto successfully is not an easy task. Price volatility is often high, and sudden drops sometimes create panic among certain investors. Jeeting often describes panic selling used specifically within the crypto community. While some investors can be immune to market ups and downs, some view red candles as signs of further decline. What comes naturally in a state of panic is selling all the assets to secure gains or prevent further losses. Jeets sell because they lose confidence in the market. Panic selling is usually a result of major market events that may impact an asset, such as hacks, regulations, or broad economic sentiment.
For example, in early July, the market saw selling pressure after news of the German government’s liquidation of all its Bitcoin holdings (a total of over 16,000 assets) and the bankrupt exchange Mt. Gox’s possible selling of its holdings to repay users. This started a selloff in the market and led to a decrease in Bitcoin’s price.
However, prices bounced back, and at the moment of writing, Bitcoin trades at around $63,500.
Besides panic selling, jeeting describes a strategy where a person decides to exit investments early and take profits. They may have a goal to sell assets, for example, at a certain price range, and do so.
Is Jeeting a Good Strategy?
Although jeeting behavior is often criticized for being fear-driven, whether selling off would be the right decision depends on the situation and the cryptocurrency you hold. In some cases, jeeting may help you secure profits before a project crashes. On the other hand, selling all your investments in response to news may cause you to miss out on long-term gains. In any case, avoiding emotional decisions and having a planned strategy will increase your chances of making better trades.
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