I have a sneaking suspicion that Coinbase and other similar crypto brokerages have a huge role in all of this. This is somewhat in response to Coinbase’s latest filing which says that if they go under….everybody’s fake coins could get wiped out. FYI - I’m sure you know but Coinbase is kinda like a stock brokerage. You don’t actually own those shares/coins. (Which is why I ComputerShared my GME).
If it’s burning down a lot of people are just cashing out. Which Coinbase is paying out/selling out.
If people are rapidly setting up actual crypto wallets and transferring then Coinbase needs to provide the actual coins. I’m sure they have a supply. But….if enough people are transferring then they might need to purchase the coins to transfer.
This might blow up real soon.