In a zero-sum game, the 80/20 rule is extremely effective— at least 80% of people will lose money. The value of altcoins is inherently 0. With this consensus, a skyrocketing altcoin attracts the masses to short it. It's true that all such pumps will eventually go to zero, but when something pumps several times in a day, even 1x leverage shorts get liquidated. Holding positions + continuously adding margin causes massive losses for many. Mass consensus has become the target of the hunt.