Memecoin is currently very popular because it is promoted by Elon Musk. I believe that if Elon Musk had not supported and promoted Dogecoin, this coin would not have soared high. Of the thousands of cryptos and tokens that exist, there is a big competition on the markets that requires huge promotion as well. Promotions by famous and influential people really trigger the price to go up. But coins that do not have a working product and great benefits, after soared the price will definitely drop and it will be difficult to increase again.