Trading when fomo on coin occurs has a very big risk, especially if we lack information about the coin so that we can buy or sell coins at the wrong time so that we get big losses, in the case of Luna for example there I think there must be a lot of people who suffered a big loss due to following the FOMO flow at that time because he thought Luna would recover quickly because of the problem without changing the coin status, but what happened was quite the opposite. So it all can indeed be an expensive lesson.
I've seen many people in the group I belong to suffered massive losses from the sudden unexpected dump of luna. Unfortunately, some of them lost so much beyond what they can afford just because of the hype coming from the mainstream media. This is why it's important to know something before investing to avoid regrets and losses.
Investing because of the hype and fear of missing out might cost you a lot if the odds won't be on your side. Which oftentimes happen because that's how the market moves. Sudden fluctuations happen then and there so you must know how to read the trend and do technical analysis not only lucky guessing.