I know roughly what is going on. Tom Lee, the big promoter of this wave of ETH, is of Korean descent. Tom Lee himself is an Internet celebrity in the stock industry, and he later became the chairman of the ETH microstrategy BMNR. In the end, after the three factors of high-volatility stocks, cryptocurrencies, and Korean influencers, BMNR and Tom Lee, now in South Korea, are comparable to the founders of LUNA back then. Therefore, this wave of ETH also indirectly has Korean buddies, who are frantically boosting, historically, what the Korean buddies are hot about, which will rise rapidly. This can be referenced to Luna in the last round and XRP in this round, and now it is rotated to BMNR and ETH.

According to Bloomberg data, ETH MicroStrategy BMNR is indeed number one on the Korean chart.