It is an old trick but some of the players have mastered this. Let's understand how it is played and what is the risk and lesson for us?
The game starts with identifying a good company with a low float. What is a good company and what is a low float?
A good company: clean balance sheet, growth of 20%+ in topline and bottom line, good cash flow, low or no debt. They may or may not have any "moat" to support the valuations but how does it matter?

What is low float?
Float is the available shares after removing promoter, KMPs, HNIs, large institutional holdings, shares held in non-dematerialized form. The available float in such cases could be as low as below 10%.

You corner this share. The stock will move up rapidly due to low available float. Then you come on media channels, open your holding for public view, talk big abt your investment strategy, get gullible investors to believe you. You invest for 10 years but talk abt your invested stocks on media channels 10 times in a week. You get visibility everywhere. Use the principle of "jo dikhta hai wo bikta hai".
Bull markets are crazy, they suck everything. The volumes and price will be at peak levels so will the valuations. One wrong thing would lead everything to fall apart like a pack of cards. The excuse could come from anywhere mostly unknown, we will only find it in hindsight.

The low float is a double-edged sword. When it is moving up all hunky-dory. But if one of the quarters go bad then it may lead to disaster and permanent loss. Stock price up/down is a part of market. There would hardly be an investment where returns were only positive fm time one invested. What we have to worry about is permanent loss and not temporary price reduction.

A great company bought at bad valuation could lead to such possibilities of permanent loss.

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