Not only that, these coins have no usage. When there are coins called bluecoin and greencoin, what exactly is the purpose of these? The only coins that make sense is btc and litecoin. I don't even know why ETH is a coin since its not like currency. Ripple for example does seem like a coin since it seems like a penny or nickle so to speak. I know there are tons of those memecoins are pancakeswap and uniswap and many of these coins are top earners for the day before they later all go down. Are there many that even stay up?
Bitcoin and litecoin were first designed to be used for electronic payment. Each one of them represents a currency and a payment system as well. While other coins were designed to serve for other purposes; take the example of Eth, it's the token that help interact with the Ethereum virtual machine while creating smart-contracts. Mainly traders who used it as an instrument for trade then it becomes a currency who can serve for better transactions with instant validation and less fees, and as you can see it doesn't play this role anymore after btc got several updates and Ethereum facing scalability issues.
The same condition for almost all the utility tokens out there in the market except for those called "Meme Tokens".
Anyone can make up coins but why is anyone even buying any of these? If dogecoin has no real use... then none of those other coins have any use. So why do these new coins keep showing up?
Since their lunch, they are useless tokens which serve for nothing but generating profits from new comers leaded by Hype.