Crypto works a little like Candyman: say the name often enough and something might appear from nothing.
This not-particularly-virtuous circle of token prices and attention seeking is a thing we talk about quite often. A year ago, for example, it somehow became a matter of international importance that ethereum was going to change its blockchain validation method:
Why are we all talking about it? The usual reason: crypto values correlate with publicity. Social media noise can push token prices around (Tandon et al), but not as effectively as mainstream media coverage (Coulter). The most powerful crypto price accelerant is a positive-sounding theme from an influential source that’s encouraging to a silent majority (Mei et al). It’s therefore directly in the interests of ethereum whales (Coinbase, Binance, Kraken etc) to make The Merge seem like a very big deal, and we in the generalist press have been happy to oblige.
This year’s ethereum Merge is the spot bitcoin ETF.