Yes, it works but not everytime. And as liquidity is very low, volatility is very high. There is also big manipulations with pump and dump groups and fake news to hype a coin.
In 2015 and 2016, the cryptocurrency PR campaign was quite strong. They talked about decentralization and the absence of fraud, but today we see a very different picture. Perhaps because of the disappointment of many investors and cryptocurrency users, the market has gone down.