So, I'm out here doing research on financial events in history and came across this beauty

"In 1687, treasure hunter William Phips returned back from his very successful expedition in search of a sunken ship rumored to be full of diamonds and silver. The ship did have treasure, 32 tons of it. The investors that funded Phips’ journey received a 10,000% return on investment, setting off a wave of excitement in London’s investment community. There was an explosion in new “sea diving engine” companies that claimed to help treasure hunters stay under water for longer periods of time, theoretically making it easier to find treasure.

Almost all of these companies were fraudulent, and none ever replicated Phips’ original success. There was also an explosion in IPOs for non-diving related companies, such as the White Paper Company."

TLDR: Some dude made a 100x and scammers popped up to collect from others FOMO'ing in.

Source:https://investoramnesia.com/financial-history-timeline/