I find it to be greed, supply, and demand - It's new. It's shiny. Just came out. You want it NOW. You "need" it NOW. (Demand goes up, supply goes down, price goes up.) Everyone has one. Now some find it old and some need it more than ever cause it's popular. The smart ones make it themselves cause the price has gone through the roof. (Demand goes down, supply goes up, price goes down.) Now everyone's got spares cause no one wants to buy. So sell it. Eventually, someone always buys it. So you up the price a bit. You continue this until it gets way too expensive. But those who have an extra but don't know the price? They follow you. Yay, you just made something really expensive. And any given material used to make it that used to go for 10g is now 100g each. Yippee!
-But staying on topic, in Virgo, stuff's going for 4-9k. (Yeah, I said K, not M.)