The Elon Musk crypto cycle consists of an adiabatic hype tweet, an isothermal expansion of his portfolio, a cryptic subtweet, and the return stroke. The tweets do no work but create an irreversible flow of income in the direction of Musk. 
Bloomberg's @matt_levine has written beautifully about Musk's cryptocurrency perpetuum mobile, his memetic power to generate limitless profit from such pump-and-dump tweets, and his general position at the center of the financial universe, God help us all.
The phenomenon where every financial journalist has to keep a "Bitcoin collapses" and "Bitcoin soars to new record" prewrite in the can, the way people do with obituaries of elderly celebrities, also deserves study. The fact that they may need to use both in one day adds interest
Meanwhile Chia, Bram Cohen's new bingo-based cryptocurrency, has grown to 10 exabytes in a month. Global monthly production of hard drives is about 70 exabytes.
Not only can you not buy or sell anything with Chia (pretty much table stakes for any cryptocurrency in 2021), but you can't even trade the coin itself on most exchanges yet, heightening the aesthetic achievement of this destroyer of hard drive and SSD supply
This purportedly eco-friendly currency, which is in fact neither, just today accepted another $61 million in fiat money from the usual crop of investors. The Chia team's willingness to accept investment in the currency they're replacing is very magnanimous bloomberg.com/news/articles/…
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