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.
On Binance, almost all IEOs are showing impressive growth. The problem is that participation in such IEOs is very expensive for an ordinary investor. You need to stake a lot of BNB to get a decent allocation. More often than not, you get a few dollars. The top altcoins are barely growing right now. Of the top cryptocurrencies bitcoin and ETH showed good growth this year, the rest of the top altcoins are not very happy. But PoW-altcoins gave good growth, much more profit than all these popular altcoins.