FOMO, the fast-growing social multi-chain crypto trading app built by three former dYdX colleagues, is supposed to make on-chain trading feel as simple as using a normal consumer app.
But new data suggests its biggest losers are also some of its busiest traders.
FOMO trader behavior analysis. Source: Dune
- The Coinformer verified data from a public 30-day Dune dashboard after it was highlighted on X by Simon Dedic, founder and managing partner of crypto investment firm Moonrock Capital.
- According to the data, traders down more than $10,000 made a median 395 trades, compared with 165 among those up more than $10,000.
And the gap gets even wider in some brackets
Users who lost $5,000 to $10,000 made a median 297 trades, versus 83 among those who made the same amount.
Traders down $1,000 to $5,000 made 203 trades, compared with 62 for similarly sized winners.
Users who lost $5,000 to $10,000 made a median 297 trades, versus 83 among those who made the same amount.
Traders down $1,000 to $5,000 made 203 trades, compared with 62 for similarly sized winners.
The same pattern appears in every comparable profit-and-loss bracket in the dashboard, with losing traders making at least twice as many trades as winners.
There were also far more big losers. The data counted 1,355 traders down more than $10,000 and just 229 up more than $10,000.
Still, the data doesn't show that frequent trading caused the losses.
Traders may simply trade more after losing money in an attempt to recover it, while differences in position size and strategy could also affect the results.
Traders may simply trade more after losing money in an attempt to recover it, while differences in position size and strategy could also affect the results.
- New York-based FOMO was co-founded by Paul Erlanger, Se Yong Park and Prashan Dharmasena, who previously worked at decentralized derivatives crypto exchange dYdX.
- The app launched publicly in May 2025 with a social feed that lets users follow other traders, see their portfolios and discover what they are buying.
- And it has grown quickly. FOMO said in June 2025 that more than 625,000 people had joined the app and generated over $4 billion in trading volume since launch.
- The company raised $75 million that month in a Series B led by Index Ventures.