Take dogecoin, which was created as a joke and has no fundamental value. As a recent Wall Street Journal article outlined, the dogecoin “serves no purpose and, unlike Bitcoin, faces no limit on the number of coins that exist.” Yet investors are flocking to it, for no other apparent reason than it has already gone up so much. Needless to say, things don’t go up forever. Those who nevertheless continue to invest in such an environment do so with the implicit assumption that they will be able to recognize it, in advance, when the bubble is about to pop—and therefore able to leave the party before everyone else. This is a dangerous delusion, however; not everyone can be the first to leave the party. Source: https://www.marketwatch.com/story/the-psychology-of-a-stock-market-bubble-11619198164