It is something that bugs me till today. Are they mostly newbies trying to find a path to enter cryptouniverse or experienced people who are just gambling to score a moonshot on luck?
This is the "meme" rank on coinmarketcap, there's millions on deflationary tokens with no effort from the "devs" at all. Just copy/paste a code, copy/paste a whitepaper, eventually pay few bucks for a domain and that's it.
Why people fall for that, yet?
If one more person tries to sell you the EMH, show them this.
But yeah, it's crazy isn't it. But it's what happens when you combine wilful ignorance with tons of debt fueled capital. Very interesting results indeed, but not at all surprising.
It's essentially a ponzi scheme, these tokens. The investor is always investing with the intention of being early and there being people after them who are willing to pay more, which is not at all guaranteed.