First of all, I wouldn't call it a "waste" since its their money and they are free to spend it the way they deem fit. But that aside, this is part of the features of a bull market and we have to get used to it. I myself don't believe its smart, but some people are truly printing millions through this means, so who are we to judge?
Of course. People are free to do whatever they want with their money. It's a "free market" after all. But I think there should be some regulatory action to help prevent scammers from making baseless projects that will eventually ripoff people. Around 99% of "meme" coins are like this. Still, you can lose money with legitimate ones. Especially when they have a large supply. More coins in circulation = high inflation = lower value in the long run. People get what they pay for.
Among the zillions of "meme" coins on the market, only one has its own Blockchain network (Dogecoin). The rest are built on existing chains which ultimately makes them useless as fees rise like there's no tomorrow. They should move to an L2 network or a Blockchain of their own. At least the competition is healthy. As long as decentralization prevails, there should be nothing to worry about.
