There are a lot of that in the sh*tcoin space. It is why, I stay away from sh*tcoins as direct investments, but do have some exposure through picks and shovels plays that interact with them.
That said, there are real innovations that are here to stay. I invest in those directly. Eth, for example, essentially has become the App Store platform for most of the recent innovations in cryptos. Over the long term, it’ll end up like the early 2000s where 99% will die (pets.com, Netscape, Lycos…) and 1% will become the anchors for the next internet boom (BTC, ETH, maybe AVAX…).