The early on profiting from late fools is partially what a few very old trading techniques describe (so called smart money vs dumb money). Not a crypto exclusive.

Now of course crypto operating on the web, more newbs can be influenced faster.

The cult aspect of crypt to me is more about the YouTube crypto millionnaires who are near idols to most. Every one has a chapel (patterns, mean reversal, or whatever pseudomagical formula one manages to sell to his audience). It's impressive to witness and even more so to succomb to (i felt like a fanboy few years ago) yet it seems to tap into primal neural réflexes (silver bullet, path to your dreams, having faith, it always worked until it didn't but it's ok no one can predict the future)