What happened to the Robinhood coins?

Serious question. Remember when $SHIB $DOGE $SOL got listed and pumped 30-50% overnight? Now every RH listing barely moves the needle.

Either:
• Retail is completely tapped out
• Market makers front-run every listing now
• Or people finally learned buying the rumor > buying the news

The RH effect is dead. Liquidity dried up or just smarter money playing the game?