Investing on new projects have an actual risk hence they are just new and anything can happen during the process of developing the project. It all depends what project is all about that has solid backers, VC and stuff it will be all worth it. As you mentioned the project is more likely a meme project which will be a risk factor because it is a pump and dump scenario like other meme projects out there.
A lot of new projects appear and not all of them will be able to survive during the fall of the market. It is very difficult to survive to new projects especially during the fall of the market. That is why it is necessary to check everything to evaluate the future potential of the project.