You're right, but on the other hand holders are often spending a lot of time checking prices, discussing it and shouting "HODL!" to each other. So in terms of time and attention holding – in reality – is not better than checking signals from some strategy.
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in case of those traders I believe, this behavior came from fear from missing a pump. Almost every coin sometime has a period of rises, and no one actually know why and when next one will happen. So for many traders to not miss a pump... they just prefer to wait for it.