When in a bubble, prices rise and the supply becomes strained
Then the bubble bursts and people have excess inventory and the price falls to zero
That is in progress
I have heard a lot of people saying the ammo bubble is bursting but show me anywhere that ammo is piling up on store shelves unsold. Yes the shortage is panic driven. People who might buy 1000 rds of 22LR every year will now buy every single case they see on a shelf because they don’t ever want to be without again. Manufacturers cannot possibly keep up with demand that is multiple times their regular supply.