What I perceive about this situation is that someone (or maybe a couple of people), get together and start hyping a stock. They get together, buy a few shares and start a run on the stock for a day or two, take their profit and move on to another stock. The followers who don't know anything about the stock get stuck with a few million shares of worthless stock and wait for the next "big run".
Seen it before, and it'll happen again. Especially with penny stocks.