Hello,
I'm sure everyone has their own approach but in my opinion, not taking orders when there is an obvious demand is ludicrous - BUT there is a way to do it properly to maximize the "hype".

Gaining followers on social media is not as powerful as gaining actual potential buyers. What I would recommend is for you to create a "launch" campaign for the product.

You can run all sorts of ads on social media (Fb, Twitter, etc) to bring people into your own landing page where you tell them about the product (and launch date) and capture their contact information.

Once you add all these people to your mailing list, you can set up an autoresponder sequence specific to the launch which will send them a few e-mails from now until then "preparing them" for the actual date.

If done properly, by the time the launch comes, your customers will be salivating, ready to pull out their credit cards and order the moment the product goes live.

This is a great approach because you keep your potential customers interested without overflowing your business with orders you can't fulfill yet.

Cheers!

P.S. Search for "product launch sequences" so you have a better idea of what I mean.