A nice version of this with some memes:
https://twitter.com/martinkrung/status/1746284429750730799
Or just as a wall of text:
The base of crypto is tokenization of for profit projects, in fact very early stage ventures, some are only ideas put on a sheet called whitepaper.
In a normal economy this kind of ventures never have tradable shares in the public. Most don't have investors at the stage, and if, only fools, friends and family.
In addition most tokens of these ventures don't have a use-case in that project, the token is only a virtual share of that project, in a sense like a NFT collection.
BUT: As the tokens have no fundamentals, no tokenomics and no use-case they are a perfect place for everyone's projections of how successful that venture will be.
Tokens are the perfect vehicle for speculation, where the mere narrative of a possible success is enough for others to buy and invest.
If the cycle is started, every player in this market: founders, teams, investors and early token buyers fuel the hype by telling the outsiders how their venture is changing the world and how big the potential will be.
Normies have close to zero chance to value this venture rationaly, they invest left and right, attracted by the gains early token buyers have made and brag around.
We all know how crazy these bull markets are, it's a form of collective euphoria and my bet will be for this cycle that the craze will be the same or maybe even bigger than all we have seen until now.
My personal top: if I start believing that this time everything will be different and numbers will never go down again, at that time I feel an urge to call all my friends and tell them they should invest and everyone will be a millionaire with me. This is the time myself and maybe you should sell everything, but it's so damn hard to do.
Then the wave breaks, first the multi-cyclers start to sell, the latecomers still filled with greed and hope for the next 10x.
BAM: suddenly it's 4 o'clock in the morning, the music stops and somebody turns on the light. At this point, even the most stupid participants in that cycle understands that the whitepepper he did read from that copy cat of a copy cat is worthless bullshit and the next bera with bloody infights and people losing the last shirt and more, has started. As the pile of bullshit is so big, it takes a long time to get rid of it.
To end the forever cycle tokenization of early stage projects would have to be banned, which will never happen and is impossible.
May be the zupercycle with you!