"Like stocks back in the day..."

Well, no. I have to hope you do know the difference between an equity and crypto. But just in case:

Equity is purchasing a share in an enterprise which has some sort of product that will be created/imported/sourced and sold and people/companies/countries will pay to possess the product. There are business plans, staffed functions (executive, engineer, marketer, etc.), sales, balance sheets, etc.

The company has to have all these in their filings with the regulatory agencies to assure the public is not going to be lied to or scammed. And you can measure the value, solvency, and prospects of the enterprise by looking at the income and liabilities in the balance sheets to verify that the company has real value.

If you mean "pump and dump" boiler room days, that is not a bug phase for crypto, that is a perpetual situation.