I wouldn't say it is a scam, but more like a pump&dump strategy. Everything that fluctuates that fast, ALWAYS hides risks. Therefore, don't go for it. If I were to recommend you initial coin offerings, I'd go for these:
1. Cointed - Green mining and Crypto ATMs all over Europe. Partners: Nvidia and TAS Group
2. Giftz - loyalty token - you can actually earn rewards by purchasing it, which is amazing. Also, augmented reality into the BlockChain. Partners: BlockV
3. Bee Token - fully decentralized home-sharing network.