There's nothing stopping the seller of the tokens (Richard Heart, or the EOS people Block.One) from taking the Ether received as proceeds from day one's auction and reusing it to participate themselves in the day 2 auction, receiving 50% of the day 2 tokens for free (the ether goes back to them) (plus the ether from the other 50% of token buyers), then recycling it in on day 3 to get 66%+ of the token issuance for free, et c. They actually end up getting even more, due to the fact that the self-dealing Ether pool increases each day as more legitimate customers send in money (and get a smaller and smaller payout per unit each passing day).

This way they end up with all of the ether that was spent by token purchasers, and the vast majority of all the issued tokens, too.

It's a brilliant scheme. It also makes it look like more and more customers are interested every day, too, when really the majority of each day's volume are just self-allocations of tokens via self-payments of Ether.

It's a similar scam as huge value NFT sales that make headlines. I imagine the majority of it is self-dealing via a proxy, for publicity and/or money laundering.