I'm not too sure but it seems like memecoin is always there in every bull phase, maybe memecoin provides instant profits, and many people want to get things like that, so every phase there will always be people who buy and become rich at that time.
I think there is no instant profit in investment, including meme coin investment. they also have to do research to determine potential meme coins in the future and they also have to wait for the meme coin to hype to make a profit. Plus after investing in meme coins the risk of loss is much greater than investing in altcoins that have utility.