Herding Behavior and Its Impact on Purchasing
\nDecisions Among Beginner Crypto Investors: An
\nExperimental Analysis

n recent years, cryptocurrency has garnered significant interest from investors.
\nHerding behavior bias frequently influences the rationality of purchasing decisions in
\nnovice crypto investors. In addition, greed can affect the decision-making process
\nregarding the nominal of investment. This study aimed to examine the role of herding
\nbehavior in novice crypto investors’ purchasing decisions and assess the role of greed
\nas a moderator. The study employed an experimental method with a posttest-only
\ncontrol group design. Thirty participants were selected using convenience sampling
\ntechniques and divided into two groups (experiment and control groups). Data
\nanalysis was conducted using the Mann-Whitney U test for comparison testing and
\nPROCESS Hayes for moderation analysis. The results indicated that herding behavior
\nplayed a significant role in purchasing decision-making (U = 60; p < 0.05), whereas
\ngreed did not serve as a moderator in the relationship between herding behavior
\nand nominal decision-making (b = -0.001; CI = -0.075, 0.072; p > 0.05). Instead
\nof relying on rational decision-making, novice cryptocurrency investors frequently
\nsuccumb to herding behavior. The ambiguity of information and investors’ inability
\nto make informed decisions lead to herding behavior being perceived as the most
\nviable option.