It's well known that one feature of a market bubble that is about to burst is rampant fraud. People are flush with cash and are therefore willing to take higher

It's well known that one feature of a market bubble that is about to burst is rampant fraud. People are flush with cash and are therefore willing to take higher risk positions with it. This is compounded by the fact that they get caught up in the contagious social euphoria that occurs when everyone is making money. On the other side of this, predators like Logan Paul go into action to take advantage of it. This is exactly what happened here. Instead of buying things with actual value, these people spent millions to hatch virtual eggs that were sold to them by a shady internet personality. This theme played out in 1929, 2000, 2008 and now again. You see it everywhere, including the recent FTX collapse, Elon Musk's Dogecoin scam (among others), and on and on.