No, i don't believe in old coins, i just use to advantage of momentum to trade old coin , if old coin pump 10x in bull season thn new coin can pump 20x, new trader believes in new technology and also devs are less active of old coin.
New coin and the old coins does not pump or dump at the same rates, moreover, it depends on many factors for all coins/token increase on the short/long run levels. Despite new technology for the new coins as you mentioned, there are consistent upgrades and innovation for most old coins, its statistical level, and measurement average, most new can hardly survived on just one Bitcoin market dump, or a strong bear run.
As a matter of facts, it is evidence when you check through the Coinmarketcap platform for confirmation. Obviously, you can determine how many new new projects coins/tokens that has surpass tokens like BNB, Sol, Ada, LTC, XRP, Ether,TRX, Link etc, since three or more years based on their trading volume, marketcap and community growth.