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I am also agreeing with that following hype for the trading is not the right strategy for trading. But I see now here lots of video on youtube about it is specially based on short-term trading . Many times it is possible to gain profit by following the hype. But it often leads to big losses, so I also think it is important to learn market analysis and then trade for professional trading.
When one is able to shoot at the first stage when the hype starts and catch the profit as soon as it starts, they can earn some money from the hype. But those who invest at the wrong time suffer most of the losses . So if you want to invest in the hype, you have to invest in the first stage of the hype, then there will be a chance of making a profit.
The timing is very important and like what you said, if you can place your position or your investment from the first wave of hype, the amount of potential profits that you can gain is really high. But, if the timing was wrong the chance that you are risking a huge amount of your investment is always there to follow, pump and dump will put you in a risky place so it's really your good knowledge that will save your ass not to lose a lot of money in kind of investment that you are just following the hypes.
You need to keep doing your research and have a big patience not to allow yourself being entice by the developers, which can be a scammer after.