Crypto tokens are effectively the modern version of penny stocks, the thing you'd see garish ads on MotleyFool.com years ago. It's selling the dream of above average returns to retail investors who don't know any better, a game as old as time.

If films like Boiler Room and Wolf of Wall Street were to be made today, they wouldn't show brokers cold calling retirees, but rather people furiously typing away in Discord rooms, inflating the mirage until the insiders are able to cash out.