So Monero is rubbish now?
No
Its strange to see monero devs or supporters jumping/launching a new coin.
It's not a new coin, it was launched about 6 weeks after Monero last year. Nobody is jumping either.
Its only shows luck of faith into monero, and it seems as xmr is already a lost cost, so it time to start new coin.
There is no lack of faith. I explained how I view them as having distinct roles. If you don't think this coin has a viable role then don't buy it. If your analysis turns out to be correct the eventually this project will fail, the coin will be abandoned, and Monero will still be there.