I don't know why people often trust meme coin or altcoin to an extent getting involved with $5m how and why?
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.
Sometimes it is Greed that makes people think they can get money quick if they invest in meme coin with better profits. This set of people thinks meme coin is cheap and it will rise faster, their desperation of making money makes them to have so much confidence in investing in this meme coins. With what has been happening in investing meme coin people still have courage to make it good option to invest, times without numbers we experienced so many bad events in coins like this but yet it hasn't thought people lesson to stay away from it. Bitcoin is the most reliable coin to invest without any worries.