So many pump and dump schemes are now present in the world of cryptocurrencies and many of the scheme operators keep cashing out steadily via the ignorance of many other people..
Many of these crypto pump-and-dump schemes do take advantage of the investors while they make so much huge money for the scammers behind the scheme..
Many of these pump and dump scammers even go ahead to involve various social media influencers who helps them to promote their crypto products which is part of the pump and dump scheme.. Of course there will be financial incentives for the influencere who helps them to promote their pump and dump schemes
They use the influencers to convince people to buy a particular coin and they use the FOMO(fear of missing out) strategy to create panic in the minds of many investors which then force many investors to quickly start buying into those coins with the hope to make profit someday when the value rises but unknowingly to them they are just investing into another pump and dump scheme that just want to take their investment and run away..
Those behind the pump and dump schemes are not majorly there for the long term benefits, they just want to quickly launch those schemes and use it to collect huge money from investors and then they exit the market and run away with the money they made via the schemes..
That is why an investor must first of all be careful of FOMO , you need to do your research well before investing on any coin , do not allow yourself to be fooled by some so called influencers who promote some certain coins..
Many of those influencers do not even know much about the coin they are promoting , they are only doing the promotion based on the incentives that the scheme operators is offering them so do not allow them to influence your decision to buy a coin which has no relevance and future...
Avoid FOMO if you want to succeed in the world of cryptocurrencies ,avoiding FOMO in the crypto business will make it possible for you to make better investment decisions..