The key thing to take note of is that when something goes up in price in a short time period it will likely go down faster and harder in a shorter time period

Gains in value brought on by speculation are quickly wiped out by the other side of speculation.

We can observe that companies or valuables that have fundamental value or use do not have this same issue generally. There is of course supply and demand issues as with everything(toilet paper shortage due to covid) but those types of situations are also speculation. People speculated toilet paper would run out this creating a shortage based on speculation due to fear. If everyone just normally bought toilet paper like usual there would not have been a shortage.

When you see others FOMOing and buying crypto(fear of missing out on profits) they are speculating. It isnt fundamentals driving them to buy. Amazon has a service where u order something and within 2 days you get it, that's fundamental value. Crypto mooning due to speculation is rich whales making extreme profits.