For the most part yes, altcoins are invested in by x's hunters. During the bull run there are really a lot of new projects that show crazy returns, which can sometimes reach x500-x700 in just a few months. Those who have monitored meta universes in 2021 will understand. Holding most altcoins for a long time is unprofitable, because many altcoins do not live longer than 3 years, they are quickly replaced by new altcoins, and so on in a circle.
We haven't seen a crazy increase of altcoins in the last two years after the IEO period ended, maybe only the altcoins from launchpad binance have high potential even though it only increased for a few weeks and eventually the altcoins will drop dramatically. I have ignored the hype on the new altcoins and am currently focusing on the top altcoins as the impact of a bear market will give a heavily discounted price of any top altcoin price.