The memecoin boom was also big in 2021. Millions were lost on these schemes and some became very rich doing it.
Prior to this we had seen similar patterns. ICOS in 2017 and the shitcoin boom in 2013 and onwards with altcoins.
Less than 2% of these survive. Historically it's been exactly the same with no exceptions. But with memecoin it lasted longer due to the extended bull market. Wait till the next best market and you'll see it dies out.
One terrible mistake most Investors make with meme coin or shit coin as we usually calls it is that they sees it as an investment, which is wrong, meme coin are meant for gambling purpose, so if you wish to gamble with it, it is best to use an amount you can afford to lose so that if things doesn't goes as planned, you wouldn't be that bothered by the losses.
Till today meme are still making people millionaires, and it's also wrecking investors financially, so it's an asset that should be treated as gambling, not a real asset like Bitcoin.
Finally, risking your hard earned money on meme coin is not a bad idea entirely, as long as it's a calculated risk with an amount you can afford to lose.