Ethereum is actually acting exactly like any other pump and dump shitcoin, just on a bigger scale because it is more popular than the rest of them. It also has no real world application. Exactly like any other pump and dump shitcoin the owners and pumpers keep coming up with a new fake hype to pump it
ICO -> IDO -> IBO -> IEO -> ITO -> STO -> DeFi -> NFT
These are arbitrary names describing the same "fundraising" concept, where someone creates a completely useless token out of thin air and sells it to anybody who buys it using ether as its fuel therefore help keeping the "fuel" alive and sometimes help pump it.
Names are only names and can be created in creative ways by scammers. With new names, they have new trends to scam new investors because they know that previous trends died and people read many warnings on past scam trends. It's more easier to scam with new trends in new creative names, but their basic scam specifications don't change.
Looking at the charts shows the same exact behavior as any other pump and dump shitcoin as well, with same 5 main phases:
- Initial phase
- The initial dump
- The biggest pump
- The biggest dump
- The continued dead cat bounces
Phases can be different like initial pump or initial dump but generally the game of deception is similar.
Wolong: The Game of Deception. This is an insightful story on a classic pump and dump game on Dogecoin many years ago.