I dont know frenn but the market for memecoin is at bubble in my opinion because there are a ton of memecoin everyday floating around the market, if you look at the dexscreener you can see a lot of memecoin being actively traded and some of them are dead, and if you look at the site like pump.fun you can see memecoin creating each second.

The article says it all "According to DeFiLlama data, the platform's cumulative revenue is currently at $94.5 million, up from $50 million at June's end. Since launching in Jan. 2024, the platform has facilitated the generation of over 1.8 million memecoins, leveraging Solana's low transaction fees." - https://www.theblock.co/post/311726/pump-fun-nears-100-million-cumulative-revenue-within-eight-months-of-launch