Aren't those who invest in shitcoins afraid of losing money? They see Bitcoin going up day after day but shitcoins are going down and those who invest in shitcoins are spending their time crying.
I think they fall into a fallacy that is not the same but similar to sunken cost. They see bitcoin at $100K when it started trading at less than a penny and think they are late, while they see shitcoins trading at pennies and are swayed by the influencer on duty selling them the wonders of the project and think they are going to make 10,000X.
But what happens with the $100K happened to them when the price reached $10K and 1K. And it will continue to happen to them when it gets to $200K to $1M and beyond.
Plus the fact that many are short termers. If you play casino with shitcoins and you are lucky in the short term you can make more profit in a couple of months than with bitcoin but you have to be very lucky, and as you extend the term the value of all shitcoins tends to 0 with respect to bitcoin.