I would argue it's primarily psychological, rather than financial (interest rates) or economic (value creation). IPOs, like shitcoins, have become simple pyram

I would argue it's primarily psychological, rather than financial (interest rates) or economic (value creation). IPOs, like shitcoins, have become simple pyramid schemes. Eventually, the mass bagholders get wise to as what's going on, and demand for such schemes falter. In a decade or so, amnesia will allow for the cycle to repeat.