[mschuster91]

> There might be a sense in which bubbles are getting more ridiculous over time (e.g., NFT) but it would be hard to prove it in any objective sense.

IMHO, the key driver to NFT were a bunch of early crypto whales who wanted/needed to cash out. Just dumping their coins on the open market would tank the valuation, but create a demand frenzy by contracting some high-profile influencers and now you can dump as many coins as you want and people will still buy them.

Now, a lot of people are holding very very deep bags.

[cdchn]

They even had an acronym for it: FOMO

[Mordisquitos]

Though to be precise the acronym FOMO was already in use long before the cryptotoken bubble. FOMO originally referred to the fear of missing out from social events shared on social media (essentially only Facebook at the time), and was only later used for fear of missing out on making a quick buck by being an early buyer of the latest cryptocrap.

In any case though, 'FOMO' is an equally good term for both phenomena.