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

Beanie Babies were irrational because it is irrational to go into a collector craze over stuffed animals