It is not necessary but that is just the way many newbies think, they see the profits bitcoin gave at the beginning and the profits it can give now and they think they are receiving the short end of the stick, with this in mind they prefer to look for other new projects to try to replicate the success that the early adopters got, we know the chances they will do so are almost zero but newbies only see the potential profits and nothing more, and then once they lose their money they claim they were deceived by scammers when in fact they deceived themselves.
I agree this is a continuous cycle that newbies go through and the only profit maker is the ones running these shitcoins over and over again without revealing who they are are evading legal problems.
I see this trend more in the crypto sector, while in fiat sector, people prefer to buy stocks of those companies which are well established at low price and hold it for the dividends and selling profit. I can see that same effect in bitcoin, and considering the low risk in long term holding, I dont get why newbies want to enter into newly launched coins. Are they so much of Angel investors that they want every project to profit? Then they are being a fool because this sector is full of scammers.
Newcomers buy new coins to get a quick profit there. Here and now, without waiting. A lot of YouTube channels every day recommends a huge number of coins that will grow at times, almost in a couple of days. Almost every day they find a new "diamond". Therefore, those who do not passed the bear market in 18-19 do not yet know what danger awaits them. Many people think that bitcoin is "boring", that you can't earn a lot of profit on it, maybe it will grow 2-3 times in a couple of years, but many newcomers want everything at once, especially after the news that some rare NFT was sold for millions of dollars.