A common alts selection theme in this bull market is the proliferation of tokens with very low circulating supply and very high fully diluted valuation.
The situation is a reflection of the fact that recent projects went through many rounds of private funding before they hit the public market. Via aggressive token unlock schedules, those projects are turning retail investors into exit liquidity for those who were lucky enough to get into their previous rounds. Sadly, the chance to be early in crypto has been bottled up and made available exclusively to "big money" circles by now.
A positive sign seems to be that the market started punishing some projects with particularly greedy token minting strategies. Unfortunately, almost all projects that currently get market attention (aside from meme coins) are in this low float/high valuation category, they're just on a spectrum from worse to worst.
We deal with this situation by trying to stay away from the greediest projects, by picking projects that seem to have a chance to grow into their high valuation and by trying to spot last cycle projects that have a true chance at a renaissance (like $AR).
And yes, the above situation is one of the fundamental reasons why meme coins are doing so well this cycle. The "big money" investors brought this onto themselves by only leaving scraps to the little guys.