A recent surge in retail investor participation has fueled oversubscribed token launches, resulting in an eye-popping $1.4 billion influx of funds. MegaETH leads the charge, raising a staggering $1.3 billion at a hefty valuation of $27 billion—placing it among the leading projects in terms of market value. This massive inflow reflects the prevailing sentiment in the crypto market as retail investors flock to potentially promising new tokens, reminiscent of the ICO boom of 2017. The excitement is palpable with launches like zkPass and Momentum experiencing oversubscriptions of 17x and 4.5x respectively. The question remains: Is this a sign of a renewed era of hype-driven investment or simply another bubble waiting to burst?