Absolutely ridiculous.
It is a strong project with a capable team, but no one can justify valuating it at over $600M market cap when there is no finished product at all. This is more evidence of a bubble in ICO and altcoins. It reminds me of the ridiculous valuation people give Tesla even though their fundamentals are absolute garbage and price is based on ridiculous speculation.
Overall: Good project, but horrible coin distribution and valuation.
A bubble is when the market overvalues an asset and there is a frenzy. If there is market manipulation, you can't call it a bubble.
People who invest in such projects are taking a huge risk.
This is not market manipulation, it is clearly an overvaluation which by your own words is a bubble. When people bought at said price during the ICO, and higher prices now, they are personally valuating it as such prices. This is not manipulation, it is a bubble.