I understand why it's hyped but I don't understand why hype dies and then rises. What event or which person makes it hyped up?
It's hyped because people can make money hyping it.
FuD plays a lot into it so a few people with some marketing and some Influencers who are getting paid push it, and the people who don't understand buy them.
Which may also account for the fees, get them their ordinal or whatever in the next block. It costs them 0 to do it, just a bit less profit.
-Dave