It depends on the project, but there are projects which are serious that still incorporate the use of memes in their contests, it wasn't bad at all, as it provides more fun and excitement for new investors to be notified about the project. Compared to usual art contests or like and share ones, memes could make a person happy by seeing funny humors that quite relates to the project, it also makes it possible to explain the current status of the project to the people. In short, meme contests is a great way of promoting projects.