The mechanics seem simple enough... it starts as a pump and dump, except a bunch of outsiders see a currency that has been very stable, for a very long time suddenly take off. So they jump onboard, having NO idea what "SBD" actually is... because supply of SBD is extremely limited, demand suddenly outstrips supply by 10x and the price rockets. The witnesses-- who are (in part) tasked with keeping the currency stable-- can't do a thing about it, even though they may be whales, their holdings are chump change compared to a $30M+ daily volume.

I think it's going to have to run its course AT LEAST till volume dies down to a dull roar. Then the witnesses might be able to flood the market with sell orders and cause a bunch of external people to take profit. But that's a tricky manipulation, and you also need a "wall" of buy orders around $1.10-1.20 to stop the bleeding if it truly falls off a cliff.

And this is just experience based on trading "pink sheet" stocks a long time ago... cryptos may work differently.