Shitcoins are just like penny stocks. Most are not aware that both are scams, but some are aware and buy because they think they can sell before the rugpull/supernova occurs. But trying to guess when a thief will break into your house is a fool's errand.

This is just my speculation, but I think the Mafia is probably making and promoting shitcoins. They were involved in penny stock scams in the 80s and 90s. And shitcoins are far easier and safer of a crime to commit than penny stock scams. But I have no evidence to prove this speculation.