I just check the index, it's now 41% FEAR.
And if there is something that we have learned in 2017 boom and bust, Do not be irrational, look at the charts. Don't FOMO, but it seems that no one really doing their due diligence specially new comers in crypto space. They just throw their money specially in this Defi hype, and sad to say, the cycle will continue, specially in 2021 wherein it is forecasted that it will be a bull run, so let's see.
It's not an easy job to do their own due diligence, In fact, many people don't even know how to do their own due diligence, They just follow the crowd.
Another thing: Every once in a while there will be a new virtual currency, now the cost is too low, if you know a little about programming, it is easy to make a virtual currency, the key is the maintenance and promotion in the future. There are too many of them, you don't even have time to verify.