Community hype is what makes them gain value in such a short period because when a coin or token is hyped in the market, most people would want to get in and buy it so that they can profit from it as well since they hear promises and falsified developments and roadmaps which makes them feel that what if they are true and they miss out on huge profits? So they invest some money on it and when that chain continues, hundreds of thousands of people start investing and that is how those coins with no proper utility or use case gain high values in the market.

Such coins and tokens are mostly called meme coins, and because a few meme coins in the history of cryptocurrencies have managed to provide great profits to its initial investors, meme coins have become a trend and people tend to invest in every single one they hear about hoping that they might become lucky and become a millionaire through it.