I don't know why people often trust meme coin or altcoin to an extent getting involved with $5m how and why?
Don't be surprised by that because many think that it's like a lottery bet that will make them rich overnight.
Do you think such person have a common sense or he doesn't have a financial adviser someone who works as ADC to him?
If that he invested the whole lot of money to bitcoin alone then I don't think he could had lost this way, maybe after the market gained another ATH then he might sell and get back those invested funds.
Most of them do it according to their own will of what they probably think is best for as an investor. It's a way for them to have their potential profit maximized because it's what they think is best for them. They're all attracted to those stories that have gone viral because of how they've made from pennies to thousands to millions. We might still see some of those stories but others are romanticizing these stories and some are even fabricated.