The interesting thing is, memecoins have developed their own target audience, they aim to the guy who wants to "play the investor game" by buying maybe 5 or 10 bucks worth of the last memecoin and hopes to make massive profits in the pumps

That being said the line between memecoins and legit altcoins is a very thin one, a project may begin as a joke without a white paper or innovative characteristics, but by getting a big community behind it can find itself with more real use cases and better tech support than a project with proper development that simply fails to catch public attention and becomes nothing more than a low volume item in a few exchanges, in this sense Dogecoin, the archetypical memecoin, is among the most legit altcoins out there