Unusual Top-10 Gas Burners: A Sign of FOMO Reaching Its Peak

Yesterday, Santiment observed a rather peculiar shift in the top-10 gas burners on the Ethereum network. Typically, the usual suspects dominating this list are ETH, WETH, and stablecoins. However, we noticed a completely different distribution this time around, with numerous recently deployed altcoins such as TROLL, APED, and BOBO vying for the top positions. These newcomers were seemingly in a race to attract the most FOMO-driven players in the market. The situation looked something like this:

This unusual change in the top-10 gas burners was accompanied by exceptionally high average fees on the Ethereum network:

These indicators strongly suggest that FOMO, or the Fear of Missing Out, is reaching its peak among market participants.

Given the current scenario, we believe it is essential to incorporate this newfound insight into our existing framework for taming FOMO:

1. Let the FOMO game begin
2. Tame the FOMO game

By doing so, we aim to provide our audience with a more comprehensive understanding of the market's underlying sentiment and potential future trends. Stay tuned for more updates and insights from Santiment.