I'm not going to advise or discourage you because judging from your posts when you made the comment about observing I think you have researched more about the project you said but what you need to understand in this case remains only one that when you are ready to be in a project like this then it is not an investment but a gamble.
I think investing in these types of coins requires more of a skill than luck and we should be more proud of our selves if it was skills are the ones that made us successfully profit because it means we really work hard for it than compared to those who are only relying on their luck. But I know that they are also very glad once they get lucky, knowing that their chances are only slim.
If you have already made a decision to use this service, then hardly anyone can stop you, as only you can decide how to use your money. But remember that the risk of losing your money is very high.
I think it's not about how new or old is the projects domain but it's about their credibility. We need to check if the people behind it are real people and then we can proceed about the idea of their project. If he already invest on it, I think it's not yet too late to back out by selling his funds if he is also convinced that this project is not really worth it to invest in.