In beginning of 2018 there were a lot of alcoins was launched in market, Most of them was just to scam people with typically referral method by social influencers.
This was also a flaw of Ethereum blockchain where any single person can create his own coin with his desired supply and name by costing very low fee.
As with the help of Ethereum blockchain where it was super easy to generate any coin it was easy to launch any ico with high promising goals and convince people to make their money multiple x.
Those scam or ordinary platform make alt market dirty game. And this impact very badly on the genion project where many traders lost their interest.
The main reason why there are a lot of worthless altcoins in the market is that they have no clear difference or new feature with those existing alts. They are probably created to scam people or look for an investor that they will fool with their crazy project assumptions but in fact it has no concrete foundation.
New altcoins are currently created solely for the purpose of pumping out dump. It is only copied from altcoins that already exist in this market and nothing too different. I hope useless altcoins will die soon so that better altcoins in this market will be cared more and invested more.