Meme coins DON’T justify their valuation. That’s why they’re called meme coins.

Pre-Elon Doge coin was just for the shits and people would freely pass them around as internet points.

I literally can’t recall a single other meme coi-oh, except Coinye West because that lawsuit was hilarious.

Just like Bitcoin and Ethereum, memecoins are bullshit.

I don’t think they do.

They seem to play on cultural references “for the lolz” and sometimes some pointless competition e.g “screw meme A buy meme B!”

Thinking about it I don’t understand why, given the now unpopularity of Elon and his gvt stuff, the meme coiners aren’t going all out on CATE to spite DOGE. That would actually be hilarious to see in the papers!

But again to answer the question - they’re a joke gamble, like picking a horse with a funny name regardless of its form.