Be sober-minded

1 Peter 1:

13 Therefore, preparing your minds for action, and being sober-minded, set your hope fully on the grace that will be brought to you at the revelation of Jesus Christ.

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G3525 νήφω (néphó), BDAG:

prim. ‘be sober’; in the NT only fig. = be free fr. every form of mental and spiritual ‘drunkenness’, fr. excess, passion, rashness, confusion, etc. be well-balanced, self-controlled

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It's a virtuous act mentioned by many ancient Greek authors outside the Bible.

1 Peter 4:

7 The end of all things is at hand; therefore be self-controlled and sober-minded for the sake of your prayers.

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1 Peter 5:

8 Be sober-minded; be watchful. Your adversary the devil prowls around like a roaring lion, seeking someone to devour.

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What does the term ‘sober’ mean in the context of 1 Peter 5:8?

The context is opposing the devil. I don't think the context is all that important here. Peter used the word 3 times in this epistle in various contexts. Being sober-minded is a general virtue that is applicable to every aspect of life. In this vein, Paul used the same word in 1 Thessalonians 5:

6 So then let us not sleep, as others do, but let us keep awake and be sober.

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