This is the "meme" rank on coinmarketcap, there's millions on deflationary tokens with no effort from the "devs" at all. Just copy/paste a code, copy/paste a whitepaper, eventually pay few bucks for a domain and that's it.
Why people fall for that, yet?
Because many beginner investors want to get rich quickly, they see meme coins as the most appropriate solution that will help them to achieve their goals. The strange thing is that anyone, even if this person is not an expert in programming languages, can easily create a meme coin and call it a popular name among influencers and lists this meme coin on CMC, CG, and pancakeswap or on any exchange platform that accepts free or small listing fees.