It's a type of trading technique that focuses on making quick profits. These can currently be used for initiatives such as BSC farming tokens (these are the new ones similar to ICO.). The basic idea is that you will acquire a particular amount of tokens and then swiftly exit once your initial cash has been multiplied and then move on to another project.

Degen trading is quite useful when the market is bullish where every shitty project can sometimes drastically spike in price due to some hype/FOMO and shilling of other people to various crypto communities. Be advised that it's very risky for someone who is not that experienced in this kind of trading or quick investing. Most people call degen traders a suicidal trader of the crypto market. Beware. You can search the web for more info regarding this.