FOMO stands for Fear Of Missing Out. It is used in different contexts but in crypto it refers to the fear of missing out on large price increases.
During the Bull Market of 2017, many people experienced FOMO. People achieved big profits that encouraged others to invest in crypto as well. There is a lot of information on social media about big profits made from crypto. Because many people are exposed to these success stories, more people are also more likely to invest in a particular coin purely because of FOMO.
FOMO often causes people to turn off their reasoning process, the only reason to do something is because others are doing it. When buying crypto, this can be dangerous. In fact, it is important to always make educated choices, such as by studying the white paper and tokenomics.
The opposite of FOMO is JOMO, Joy of Missing Out. This can occur when a person misses an event that turns out to be negative. For example, not buying a coin whose value eventually drops rapidly.
