I kind of used to think like that as someone who generally looks at fundamentals. However, after 7+ years in crypto and seeing the biggest garbage pump the most (XRP, ADA, DOGE) each an every time, I kind of embraced it and flipped a mental switch as I don't make the rules and memecoins are just what outperforms everything.

If you haven't done so already, I could highly recommend watching Murad talk about the subject ( YouTube Link) which actually puts some sense into memecoins.

I guess when it comes down to pnut, the volume is very high and binance listing it likely made them buy up a large part of the supply to act as a market maker. It also puts them in a position where they can control the price and earn from leverage traders as they know all the positions and can liquidate at will.

The main issue with these memecoins is that it's all fun and games until the music stops and all paper gains are gone. Many of the 200M+ market cap tokens only really have ~1 Million or so in the liquidity pool. That is what happened to GIGA going from 0.065$ to 0.01$ in an instant after 1 holder dumped 3 Million dollars worth of it or so.

I did start a memecoin portfolio around 34 weeks ago slowly cost-averaging my way in and it has by far been the most fun an profitable thing in crypto. I will need to watch out not too see everything evaporate overnight though. High Risk / High Reward I guess. As a sports bettor just looking at the odds understanding the risk it feels like one of the more +EV bets to take which is the only real thing I care about.