Speculation. Everyone is hoping that the memecoin will get them rich like Doge did for some people because of the lulz.
Using the Hawk Tuah girl/memecoin as the most recent example, average people buying into it were hoping it would increase in value because of other people wanting it just for the sake of it being a funny meme at one time. The devs behind the memecoin were along the same thought process, but there seems to be some speculation they had some malicious intent and might have scammed people. About 80% of the coin is held up with the devs which meant there wasn’t a lot of room for it to actually grow.
It is a Ponzi scheme, my friend. The point is irrational belief that they could have value somehow.
Same as every currency
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.
Everyone “knows” its a scam; furthering the delusion is the way to work the scam.
Just like Bitcoin and Ethereum, memecoins are bullshit.
Who cares
