Many people just see the price pump and they started investing in it. In recent i saw many people when they saw Dogecoin pricevpump. They also started ingesting in it without research why price pump and either Dogecoin has any new partnership or feature launched. Price dropped very soon and hurts many traders..
That's the bad side of influencers who depend on their followers doing momentum based invest or price action investment . I almost never do that . I only invest when the fundamental of the project is good not just news/hype .