Twitter's biggest IPO fear should be that investors love its stock too much, at least initially, said Stephan Paternot, tech veteran and founder of TheGlobe.com.
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"That's one of the bigger dangers, is if a stock becomes overhyped, like Facebook did last year. You end up with too many retail investors and they're really still in it for the short term," he said. "The potential danger is it will get a little oversold again."
(Read more: Twitter IPO not worth all the hype: CNBC-AP poll)
In the late 90's, TheGlobe.com was the social media giant of its time. The company, which allowed users to create and share content, had tremendous success at its IPO, with its stock price increasing as much as 1,000 percent on its first day of trading before closing up more than 600 percent. But the good times didn't last long. The company's stock price came crashing down to 10 cents a share just a few years later when the dot-com era went bust.
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While the markets are a lot different than they were during the dot-com boom, there's still the risk that investors might get too excited about a high-profile IPO, in this case Twitter.