Article Sidebar

Download
PDF
Statistic
Read Counter : 81 Download : 89

Downloads

Download data is not yet available.

Main Article Content

Abstract

This study analysed overtrading behaviour as a manifestation of FOMO, influencers, market sentiment, and crypto literacy in crypto traders. Additionally, it examined the moderating role of monkey business practices in these relationships. This phenomenon is interesting because the emergence of DEXs provides transaction freedom while increasing the risk of market manipulation and behavioural bias. This study represents the first comprehensive behavioural analysis of overtrading within decentralized exchange environments, addressing a significant gap in the cryptocurrency literature. While prior research has examined behavioural factors in general cryptocurrency markets, centralized exchanges, or DEX market structures, but no study has specifically investigated how FOMO, influencers, market sentiment, and crypto literacy interact with market manipulation practices to drive overtrading behaviour on DEX platforms. The method employed was a quantitative survey of 180 DEX traders in social media groups, utilizing purposive sampling techniques. Data were analysed using PLS-SEM to test the direct influence and moderation between variables. The results indicate that FOMO, influencers, and market sentiment have a positive impact on overtrading, whereas crypto literacy has a negative effect. In addition, monkey business moderates the influence of FOMO on overtrading but does not moderate the influence of influencers, market participants, and crypto literacy. These findings enhance understanding of how psychological and social factors influence trading decisions in decentralized markets. Specifically, the moderating role of monkey business practices provides new insights for behavioural finance theory. The implications of the study confirm the importance of caution when trading crypto on DEXs.

Keywords

Overtrading FOMO Influencer Monkey Business Market Sentiment Crypto Literacy DEX

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite
Agda, V. R. P. P., Subagyo, H., & Hernawati, R. I. (2026). Overtrading as an Expression of Investor FOMO in Cryptocurrency Markets: Insights from the Monkey Business Perspective. Ilomata International Journal of Management, 7(1), 24-44. https://doi.org/10.61194/ijjm.v7i1.1976

References

  1. Ady, S. U. , M., N. S., & Tyas, A. M. (2024). Model Efektivitas Pelatihan & Pengenalan Reksadana (Integrasi Techology A). Zifatama Jawara.
  2. Almeida, J., & Gonçalves, T. C. (2023). A systematic literature review of investor behavior in the cryptocurrency markets. Journal of Behavioral and Experimental Finance, 37, 100785. https://doi.org/10.1016/j.jbef.2022.100785
  3. Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1037/0022-3514.51.6.1173
  4. Benson, V., Turksen, U., & Adamyk, B. (2024). Dark side of decentralised finance: a call for enhanced AML regulation based on use cases of illicit activities. Journal of Financial Regulation and Compliance, 32(1), 80–97. https://doi.org/10.1108/JFRC-04-2023-0065
  5. Bregu, K. (2020). Overconfidence and (Over)Trading: The Effect of Feedback on Trading Behavior. Journal of Behavioral and Experimental Economics, 88, 1–10. https://doi.org/10.1016/j.socec.2020.101598
  6. Clough, J., & Edwards, M. (2023). Pump, Dump, and then What? The Long-Term Impact of Cryptocurrency Pump-and-Dump Schemes. 2023 APWG Symposium on Electronic Crime Research (ECrime), 1–17. https://doi.org/10.1109/eCrime61234.2023.10485505
  7. Deb, S. S., & Deb, S. (2024). Awareness of blockchain technology and FOMO on Crypto investment: An empirical study. Educational Administration: Theory and Practice, 30(4), 1746–1750. https://doi.org/http://dx.doi.org/10.53555/kuey.v30i4.1744
  8. Delfabbro, P., King, D. L., & Williams, J. (2021). The psychology of cryptocurrency trading: Risk and protective factors. Journal of Behavioral Addictions, 10(2), 201–207. https://doi.org/10.1556/2006.2021.00037
  9. Friederich, F., Meyer, J., Matute, J., & Palau S, R. (2024). CRYPTO‐MANIA: How fear‐of‐missing‐out drives consumers’ (risky) investment decisions. Psychology & Marketing, 41(1), 102–117. https://doi.org/10.1002/mar.21906
  10. Gerrans, P., Abisekaraj, S. B., & Liu, Z. (2023). The fear of missing out on cryptocurrency and stock investments: Direct and indirect effects of financial literacy and risk tolerance. Journal of Financial Literacy and Wellbeing, 1(1), 103–137. https://doi.org/10.1017/flw.2023.6
  11. Gupta, M., & Sharma, A. (2021). Fear of missing out: A brief overview of origin, theoretical underpinnings and relationship with mental health. World Journal of Clinical Cases, 9(19), 4881–4889. https://doi.org/10.12998/wjcc.v9.i19.4881
  12. Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2019). Multivariate Data Analysis Eighth Edition (8th ed.). Annabel Ainscow. www.cengage.com/highered
  13. Hasan, A., Alam, S., Habib, S., & Khan, M. A. (2024). Analysis of factors affecting investors’ decision towards cryptocurrency investments in Saudia Arabia: A moderating role of fear of missing out (FOMO) on decision-making. Journal of Infrastructure, Policy and Development, 8(9), 6419. https://doi.org/10.24294/jipd.v8i9.6419
  14. Jain, L., Velez F, L., Karlapati, S., Forand, M., Ahmed, R., & Sarfraz, Z. (2025). Cryptocurrency Trading and Associated Mental Health Factors: A Scoping Review. Journal of Primary Care & Community Health, 16(1), 1–16. https://doi.org/10.1177/21501319251315308
  15. Jones, M., Luu, T., & Samuel, B. (2024). The interdependence of financial literacy and crypto literacy. Economics Letters, 239(3), 111737. https://doi.org/10.1016/j.econlet.2024.111737
  16. Kamps, J., & Kleinberg, B. (2018). To the moon: defining and detecting cryptocurrency pump-and-dumps. Crime Science, 7(1). https://doi.org/10.1186/s40163-018-0093-5
  17. Lyn, N. L. W., Yeo, H. Y., Startup, C. C., Koh, J. M. Y., Tran, V. L., Ho, C. H., & Chee, T. T. (2025). Stock and cryptocurrency trading and problem gambling behavior during early phases of the COVID-19 pandemic: a narrative literature review. Frontiers in Psychology, 16. https://doi.org/10.3389/fpsyg.2025.1585094
  18. Nindyati, A. D. (2020). Kecerdasan emosi dan stres akademik mahasiswa: Peran jenis kelamin sebagai moderator dalam sebuah studi empirik di Universitas Paramadina. Journal of Psychological Science and Profession, 4(2), 127. https://doi.org/10.24198/jpsp.v4i2.25505
  19. Nizzoli, L., Tardelli, S., Avvenuti, M., Cresci, S., Tesconi, M., & Ferrara, E. (2020). Charting the Landscape of Online Cryptocurrency Manipulation. IEEE Access, 8, 113230–113245. https://doi.org/10.1109/ACCESS.2020.3003370
  20. Panggabean, S. B., & Adib, N. (2025). The Influence of Stock Influencers, Demographics and Psychological Conditions on Student Investment Decision Making. International Journal of Research on Finance & Business, 4(1), 141–155. https://doi.org/10.70575/ijrfb.v4i1.43
  21. Patil, Y., & Gokhale, R. (2023). Investing in the Age of Millennials and Gen-Z: A Comparative Analysis. NLDIMSR Innovision Journal of Management Research, 6(2), 15–28. https://doi.org/10.31794/NLDIMSR.6.2.2022.15-28
  22. Pradnyadewi, D., Priyana, W., Sudharma, A., & Primajana, D. J. (2025). DINAMIKA BEHAVIORAL FINANCE DI ERA PASCA PANDEMI COVID-19 The Dynamics of Behavioral Finance in the Post-COVID-19 Era. Nusantara Hasana Journal, 4(9), Page.
  23. Purba, R. T. (2022). Kajian Ekonomi Islam Pada Praktik Monkey business Terhadap Jual Beli Tanaman Hias Di Tengah Pandemi Covid-19 Di Kelurahan Sondi Raya, Kec. Raya, Kab. Simalungun .
  24. Rahayu, N. W. I., Hepni, Fauzan, Poernomo, D., Dafik, Mursyidah, I. L., & Jannah, E. S. W. (2024). An Islamic point of view of cryptocurrency investment: Generations z fear of missing out (FOMO) and their personal traits as traders. Edelweiss Applied Science and Technology, 8(5), 1880–1905. https://doi.org/10.55214/25768484.v8i5.1920
  25. Semenog, A., Perekrestov, M., Dmitrishyn, D., & Bohachenko, M. (2025). Economic Consequences of Crypto-Asset Fraud in the Context of Digital Transformation: Analysis of Costs and the Potential of Preventive Technologies. Economic Sustainability and Business Practices, 2(2), 1–8. https://doi.org/10.21272/esbp.2025.2-01
  26. Shahzad, S. H., Anas, M., & Bouri, E. (2022). Price explosiveness in cryptocurrencies and Elon Musk’s tweets. Finance Research Letters, 47, 102695. https://doi.org/10.1016/j.frl.2022.102695
  27. Sriasih, S. D., Razak, F. A., & Ikhsan, H. al I. (2025). AI-Driven Sentiment Analysis of Retail Investor Behavior during Market Volatility: A Study of Twitter Data in Southeast Asia. Journal of Management and Informatics, 4(1), 741–756. https://doi.org/10.51903/jmi.v4i1.179
  28. Subkhi, A. S., & Rustam. (2023). Perlindungan Hukum Pelanggan Aset Kripto Atas Potensi Terjadinya Praktik Monkey business dalam Transaksi Kripto di Bursa Komoditi .
  29. Sürücü, L., Yikilmaz, İ., & Maslakci, A. (2022). Exploratory Factor Analysis (EFA) in Quantitative Researches and Practical Considerations. Gümüşhane Üniversitesi Sağlık Bilimleri Dergisi, 13(2), 947–965. https://doi.org/10.31219/osf.io/fgd4e
  30. Susanto, H., Setyanto, A., & Muhammad, A. H. (2024). Analisis Sentimen Berita terhadap Bitcoin dengan Metode Klasifikasi K-Nearest Neighbor. International Journal of Health and Medical Sciences, 4(2), 93–98. https://en.wikipedia.org/wiki/2023#References
  31. Victor, F., & Weintraud, A. (2021). Detecting and Quantifying Wash Trading on Decentralized Cryptocurrency Exchanges. Proceedings of the Web Conference 2021, 23–32. https://doi.org/10.1145/3442381.3449824
  32. Waghmare, S., Narendra B, S., & Patil, P. A. (2022). Decrypting the impact of Media as factor in Crypto Investments. 2022 International Interdisciplinary Humanitarian Conference for Sustainability (IIHC), 1500–1503. https://doi.org/10.1109/IIHC55949.2022.10060410
  33. Xia, P., Wang, H., Gao, B., Su, W., Yu, Z., Luo, X., Zhang, C., Xiao, X., & Xu, G. (2021). Trade or Trick? Proceedings of the ACM on Measurement and Analysis of Computing Systems, 5(3), 1–26. https://doi.org/10.1145/3491051
  34. Yifeng, P. (2024). Internet sentiment exacerbates intraday overtrading, evidence from A-Share market. Computational Finance, 1–28.
  35. Yuan, S., & Lou, C. (2020). How Social Media Influencers Foster Relationships with Followers: The Roles of Source Credibility and Fairness in Parasocial Relationship and Product Interest. Journal of Interactive Advertising, 20(2), 133–147. https://doi.org/10.1080/15252019.2020.1769514
  36. Zhang, Z., Jiménez, F. R., & Cicala, J. E. (2020). Fear Of Missing Out Scale: A self‐concept perspective. Psychology & Marketing, 37(11), 1619–1634. https://doi.org/10.1002/mar.21406