That's the thing. The only people gaining are the people that initiated the pumps. They're smart. As soon the shit coin goes up buy 10-20% they sell to people buying after the 10-20% up. Anyone who buys after that is stuck with those coins because no one is going to buy a shit coin that is up that much. They end up selling at a huge lost (sometimes 70-90% lost). It's a scam that works well for people who organize pump and dumps.
The FOMOs are trying to get rich overnight, but ended up loosing everything. I wish people get it that only
trading / investing in Bitcoin will bring you profit. Only
BTC's price fluctuate to the point where you can make nice profit trading with even $500. It's going to take a while to build up the profit, but it's almost always a sure thing.
You are right I also don't believe in new coins. I twice invested in coins turned out to both be shitcoin. it's better to invest in bitcoin. but I also still believe in old altcoins like ripple, litecoin and ethereum. Even though the altcoin market is experiencing a decline I still believe in the altcoin that I hold. I am optimistic when bitcoin goes to the moon and the coins I hold will also increase. but of course my main investment is bitcoin.