FOMO has little to do with "reliability" or innovation. I believe most people see crypto coins for what they are: volatile, speculaive assets. They know it's really just a pump&dump scheme and if Akon is promoting a specific coin that means the team behind the pump is "serious" (i.e pumping money into it) so there is a higher chance to get rich before the fall compared with a random s** coin.
If you look at the stock market a big part of it didn't behave that different than the crypto market and that's due FOMO. Why did people buy stocks at insane valuations? Some of them were burned and I'm sure they though they will sell just before the market is going down.
If you look at the stock market a big part of it didn't behave that different than the crypto market and that's due FOMO. Why did people buy stocks at insane valuations? Some of them were burned and I'm sure they though they will sell just before the market is going down.