I can't help but think of Jesse Livermore and his experiences in "bucket shops". Reference: https://archive.org/details/JesseLivermoreReminiscencesOfAStockOperator

Well worth a read, by the way. The psychology is very similar when looking at ICO's, IPO's, or any other trading vehicle that aims to pull in new investors.

My point is, that you can create hype around a given issue with very little effort. This doesn't mean that the underlying fundamentals are sound. It just means that "Fear of missing out" (FOMO) can be so great that it propels an offering way beyond any reasonable valuation.

There are a lot of real-world examples, but I'll leave it to the reader to follow that particular trail.