The problem with people who are investing out of hype is that, they are not really aware what caused the hype. This is one of the main reason why a lot of people, usually or most of them are new people in cryptocurrency, had lost a lot of money and now blaming cryptocurrency for it. As an investor, it is our responsibility to be updated or at least aware of what we are getting involved to.
The hype is likely how they heard of crypto in the first place. Those who were lucky enough to cash out before it crashed might try doing it all over again now. The bagholders likely got burned and swore off crypto.
They'd only have themselves to blame for any loss though. One thing about stocks and similar stuff is by the time you hear about it, it's about to collapse and bring newcomers down with it.