I would like to ask the locals here why do people jump always on new projects. There are plenty of good ones which are runing years unnoticed. And people would love these small projects.
You already stated the answer to your question. People always jump to new project that always result to short term pump = big gain. This is what most people always aiming when they are jumping to new project hoping to enter early before everyone jump in then exit on other money.
It’s like a ponzi game that everyone knows the project is a pump and dump but still taking the risk hoping that there’s still more will invest after them. Old project already have huge investors backing that makes the price very hard to move unlike new projects that is too volatile to pump.