beanie babies were rational, there was a supply constriction that seemed permanent, the founder resolved it and flooded the market, leaving bagholders and decades of mockery

but I would content it was not an example of irrational exuberance

labubu’s are part of a flooded market as well, but there was never anything to suggest it wouldnt be flooded only an expectation for demand to keep up longer than just half of this year