Yes, I can vouch for it as I tried experimenting with a very low capital on Solana meme coins through Phantom wallet and trust me I spend 3 consecutive hours with even a breather and guess what I ended up losing it all after winning initially as it's not different to future and here in memecoins majority of them are scams they get you rug pulled, you are just one wrong move away from losing it all. Better to stay away from it.
Many are still hoping for a quick rich scheme and they believe meme tokens are the best way to achieve it.
If you're lucky enough to get in and exit early then there's a big chance for you to make good profit but if not, then expect to lose it all. Investing with meme tokens are more risky than doing futures trading, because in meme token they will just surprise you by the rug pull and you have no more chance to recover your money.
I just laughed when I see people talking about how they had made huge amounts of money from Solana memecoins. The truth is bitter and many of these people would but actually tell us the truth about the loses. Many of these traders lose more than they claimed they are earning from the market.
Trading is not always rosy and when you lose trades, it would be understandable when you tell the public so that all these newbies would understand that trading is not fun at all. Some traders would always publicize their winnings but would never notice the public about their loses but some would not understand that these people also make lose in the market.