Having taken part in the dot com bubble, I know what you mean.
I expect, like in the small cap stock arena, there are many companies that are offering their tokens today that will not be around in the future.
The key is knowing which ones of course.
It's OK to speculate, just be sure to be nimble and take profits. Don't be too greedy. Be ready to get out of one investment and into another. Or just sit on the sidelines while you wait for the next "real" opportunity to come.
Be sure to look at what and who is behind the companies you are speculating in.
Is what they are offering needed in the market place, or is it just an "shell" that has no intrinsic value?
Time will tell... But like I said, be ready, be nimble and be careful. What goes up too fast, can also reverse on you the same way.