What is FOMO
FOMO stands for "Fear Of Missing Out." FOMO was first proposed by Patrick J. McGinnis in his article "Social Theory at HBS: McGinnis’ Two FOs" in 2004, referring to a psychological phenomenon where people are afraid of missing out on specific experiences, activities, or opportunities.
In the crypto field, it more commonly refers to investors making irrational decisions to buy or trade cryptocurrencies without conducting proper due diligence due to the fear of missing out on a "get rich quick" opportunity.
So what are the dangers of FOMO?
Taking Memecoin as an example, Squid Game ($SQUID) attracted a large number of investors in a short period of time through FOMO, but the follow-up price trend was far from expected, with the price falling continuously and eventually approaching zero after the hype died down. As for the investors who FOMO'ed and bought in, their situation can be imagined.
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