The thing with new launches is that once enough sophisticated participants are in the market, nothing that launches is ever undervalued (except if all smart money gets it wrong) But things can easily be overvalued, because its usually harder to go short than long

The venue itself also matters: Getting listed on Binance is usually the last hurrah for many tokens, not the first. Binance investors are the bottom of the barrel. If you invest with the bottom, you get bottom returns Ironically, you'll have a better time buying stuff that's _not_ on Binance because it can still get listed