"DEGEN" stands for degenerate, it means someone who takes crazy risks to make Money fast - just like gambling.
Degen Trading means buying crypto coins (especially weird or new ones) with almost no research, just because you think the price will explode soon.
In Degen Trading you are not investing like a bank, you are gambling like at a casino.
Example:
You see a new coin called $MOONCAT on twitter. Everyone is yelling: "It is going to 100x;
You don't know what the coin does, you still buy $100 of it right now - that's Degen Trading.
If it goes up 10x = you make $1000 = you are a genius! But if it drops to zero = you lose everything = you got "rekt"
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