Very risky. I can't advise someone I know to invest in a new crypto project because of the risk involved in it, that they don't know the fate of the coin whether it will survive in the bearish market or scale through from it by increasing in price because not all altcoin tends to survive in crypto market when the market is bearish. The majority has disappeared into a tiny air because they were launched when the market was red, and there were not a lot of investors that were ready to risk their money into a project that had no use case in today's society.
Well, the most risk in investing comes to these new projects that are being created and especially now that we are in a space where everything isn't regulated, project developers and creators can just run away alongside the money that the investors invested in their project.
The risk in investing into new projects is at its peak hence, this is the main reason why I don't invest into new projects at all. I always have this mindset where I need to wait for at least 6 months to a year before deciding whether I will invest into this project or not. For me, it's way safer to invest at that time than investing when it's still a new one.
High risk = high reward though so if you're ok with losing your money when you're investing into new projects then there's nothing wrong with it
