Memecoins seem to run mostly on hype.  The excitement around them comes from silly names, celebs talking them up, and viral online communities more than anything else.  Not all memecoins even have a clear purpose in the real world - it's more like people hope they'll randomly blow up to be the next Dogecoin. But that seems like a big gamble rather than an investment. 

Im not saying all memecoins are shit. Some have potential if the community rallies behind them. But more often it feels like everyone's just trying to make a quick buck - the developers rugpull laughing all the way while regular folks are left holding the bag. At some point the hype train always comes to a stop.