That actually makes some sense, but I'd call that more a strategy than actual panic.
Unless you are taking a huge loss, sometimes it makes sense to sell when you think others
will panic... sort of a reverse greater fool, but in this case, who is the greater panicker.

Actual panic is when a person is taking a huge loss, with a fear a coin will go to zero... they
see the big red numbers and the order books piling up in the wrong direction, and press sell.
We've all been there. Although I haven't done that since my early days.

Now I'll just ride it out. If things get worse, so be it. But I also know it's pretty rare
for a coin to dump and remain dumped forever (unless it's pure junk)... bears turn to bulls
eventually.