Yes, way too many people make this mistake. There is especially the part where investors are following the hype of the coins instead of doing actual research and following the project themselves. They give money to these people without knowing what they are getting into just because they see a lot of people investing in the coin which is wrong.
That is nothing more than FOMO, people see that other people think that this coin is going to be a revolution in the world cryptocurrencies and they do not want to be left out so instead of doing their own research to see if this project is as good as people think they decide that if everyone is investing in it they cannot let this opportunity pass them and they invest as well, this is how bubbles are form and this is also why so many coins go down in price after the ico because they were overvalued.
