ETH is not fungible to $ in large amounts. People who have a lot of ETH buy weird fake stuff with it because they can't just liquidate it into fiat money to bu

ETH is not fungible to $ in large amounts. People who have a lot of ETH buy weird fake stuff with it because they can't just liquidate it into fiat money to buy real things. If they do, the value of ETH will crash. So instead, they engage in speculative pump and dumps while waiting for a chance to cash out.