Humans are simple beings controlled by greed.
I do think the majority of crypto investors at one point or another have FOMO'd into an investment and paid dearly for this. I have done it and lost money even though it was small amounts I at least learned very quickly. The fear of missing out (FOMO) is something we see all the time and why we get the sudden pumps in crypto. Those unaware are buying a green candle adding to the pump which could and normally turns red very quickly leaving those carrying the bag.
I raised this topic because quite a few of the COTI community investors mentioned they need COTI to reach 20c or more to show any profit in their investments. Not everyone can buy at the bottom because this is all about timing and the worst thing they could do is sell because the price will bounce back eventually turning their investment into profit. The wise and only thing they can do is stake their 20c buy in value and start reducing that cost through earning rewards.
The problem is those who have no idea will sell and they would have lost money because chasing green candles is not a sound trading method. We often hear the statistic that 90% of those in crypto have lost money and it is mainly down to poor timing and poor decisions. I know exactly where I stand with my entire crypto portfolio and I am up well over $50K. There is no trading involved and this all hinges on staking farming the rewards and restaking. Price and FOMO have been totally removed with the focus more about finding decent crypto projects through research.
Staking reduces the buy in cost growing your bag reducing the cost per token and is a sure way of generating more profit. I was looking at my buy ins for COTI with 3000 at around 20c with the majority under 6c and some at even under 5 c. The rewards earned thus far have been very good bringing down the average buy in even more so much so the entire bag equates to around a 5c cost. This would equate to a $6K buy in at 5 c each and at this rate by the end of this year with the current daily rewards be around a 4.5c buy in. Over the last 2 years the stake has generated a 20% growth all being compounded which will eventually cover the buy in cost entirely.
Yesterdays price increase I believe was a mixture of buy the news along with others with a little FOMO taking place. Personally I don't think the price will retract too far before we see more upside taking place so those who followed the crowd in he hype will be able to get out unscathed if they choose to do so. Why anyone new to crypto thinks trading is such a good idea has not learned the hard lessons and hopefully will realise how important staking is.