How does FOMO work?
This phenomenon begins with the digitization. The large number of devices used, added to the multiple information channels that exist, have made it possible for people to be much closer to what is happening anywhere in the world in real time. Although these connections have benefited communication, they have also brought negative consequences on people’s behavior and FOMO is one of them.
This feeling causes individuals watch what others are doingdo whatever it takes to be a part to avoid “stay out of it”. Specifically, if a person sees a photo on Instagram of several celebrities who are promoting the same product and the speech is that “it will change your life”, they seem happy and satisfied, then someone who experiences FOMO will also want to be part of that select group who use the product, as they do not want to be out of fashion.
Another example is that of the viral challenges that became so fashionable in the pandemic. Influencers and users of all kinds did not want to miss the trending choreography of TikTok, that is, they were going to be part of that trend anyway.
FOMO and cryptocurrencies
Understanding how this phenomenon currently works in any walk of life, it is easier to know the way in which FOMO creeps into cryptocurrencies. Investors, in this case, will be constantly watching the news and of the movements of other financiers with the sole mission of getting carried away by those trends.