It looks like Snxx is about to disappear....

I don't trade snxx, but I trade SOXL. As someone who, like Person #3, has watched it drop from its peak down to the $5 range, I started buying in tranches from the $10 range, ex) $10 - $9 - $7.5 - $6 - $5.5 (the next was $4, but since it didn't go that low, I remember heavily buying in tranches in the $5–$7 range...). The leveraged SOXL I bought during the bear market brought in big profits. I'm not recommending buying leverage, though.

Did it go from the $5 range to a high of $279 without a reverse split in between?

That's right, exactly a year and a half ago it was $5 and went up to around 300..
When it was gaining momentum and rising, even at $15 I thought, "Didn't it rise too much?" and dumped it as soon as it dropped just a little, but..
Seriously, after watching it rise like crazy over the past year, I jumped in in May and ended up in this mess.. as for me..

There was no reverse split. At that time, the decline started when the war broke out. It didn't plummet tens of percent consecutively over a few days like this semiconductor correction, but rather gradually descended step-by-step while making waves, so... the whole sector went down. This semiconductor downturn is a sector drop I'm seeing for the first time as well... But because it surged so ridiculously from the first half of this year until mid-June, I think a time like this was bound to come. During the 2022 bear market, I unconditionally held on to SOXL leverage (a large amount from peak to trough), held it for about two years, and then sold at the peak. With that experience(?), I never hold long-term anymore; I always rebalance, taking profits on shares bought at high points, securing cash, and executing buys and sells mechanically.

In 2021, after a 15:1 split from the $600 range, it went from the $40 range down to the $5 range and then came back up.. I bought in the $30 range and panic sold.. After that, I waited a few years and bought at $9 last April.

Will the current $7 turn into $0 tomorrow? It won't disappear; it'll probably just keep fluctuating and fleece the retail investors who keep jumping in and out, holding out hope.