That psychological dynamic is what pushes wild swing the in the markets of any thing for centuries.

This plus the crowd-behavior mentality. If an investment seems hot, everyone piles up on it even after it has done a good run (and thus has much less explosive potential and much more inherent danger of correcting - as old investors lock their profits).

Interestingly, a similar irrational behavior exists among curation voters - despite the fact that piling up on votes does not give the later whales any serious curation amount (compared to the first whale voters).