So around noon yesterday, I got a call from my brother asking me if I got any $BONK. Well, for a second, my mind went somewhere else (bonk for beds), then I asked if it was a crypto and he said yes, that it's going crazy and he just bought. Well, I hadn't been on twitter for a few hours and when I logged in, $BONK was literally everywhere. This looks familiar, just another shitcoin mooning and everyone is talking about it as usual.
My brother had bought $100 worth and had gotten profit of $10 in just a few hours and it did felt like I was gonna miss out on something huge with the way everyone kept going on $BONK.
But then, over the years as a crypto enthusiast and investor, if there's one thing I've learnt, it is to not FOMO, no matter what. Yeah, FOMO has paid off a couple times for some people and that one time when I FOMOed into $LUNA's crash hoping it would go back up, it did and I made a couple bucks, but that's the only one time I actually did FOMO and it was profitable and this profit was because I didn't FOMO the usual way when a cryptocurrency's price is pumping.
I don't know about you but FOMOing in the bear market into a shitcoin built on Solana, that already did over 1000% in two days and is a project with around 20 addresses holding the largest volume sounds like a bad idea to me right now. I would definitely be happy with I had some $BONK before the pump, but nasty things happen around here and I know a bit too much to not become a source of liquidity for some big cash outs.
I've always stood by a saying and yep, it has been a guide so far - "If it's popular already, you're probably late, look elsewhere" which just means that it best to either keep investing in projects that would survive th bear market and would yield profit in the bill market or invest in a project just before it gets popular. I'm on the lookout for solid projects with a great community of true investors.
And yeah, my brother's $100 is currently down to $85. He doesn't listen, well, let's hope his FOMO pays off, or he gets out with the little he can.
PS: This isn't me underrating $BONK, it just that it is what it is. FOMO kills, and i'll pass this one perhaps till I see a good reason to invest in it.