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Supposedly the pandemic caused quite the running boom since it was the easiest sport to keep doing despite lockdowns. Combine that with a bunch of bored retail investors with stimulus checks... I don't know if this is the actual reason or not, but it seems like it might have had something to do with it.

Some people were also collecting Jordan’s and everything else under the Sun with their stimulus

Streetwear was booming. Nike had very sought after collaborations, the ball started rolling after they released a re-imagined version of 10 of their moest iconics sneakers (designed by Virgil Abloh from Off-White).

Stimulus checks?

Pump and dump