When Dogecoin (DOGE) experienced a 12,000% price increase in 2021, everyone knew it was because of the numerous tweets by our legendary billionaire, Elon Musk. And our suspicion was made true when he changed the Twitter logo to a DOGE logo making another temporary and dramatic increment in the price of the coin. It wouldn't be wrong if we say, this is what Meme coins stand for. They are almost trending for a while, making day traders work the market up and down to short it, and bag profits here and there.
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Therefore, Meme Coins have no inherent value or utility because they are always pumped around speculations and their humourous nature which is a highly risky investment portfolio. The pricing is always short-lived because they are hugely promoted by influencers, celebrities, and short-term investors.
When you are investing in meme coins, you should remember that there may be no long-term plan in mind by the team backing them. They are mostly for pump-and-dump schemes and you shouldn't risk your money waiting for a surge after the first few pumps. Everyone interested in meme coins has one intention, and that's to sell short, make their profit, and exit the market when the price surges.
When you are investing in any cryptocurrency, it's best to evaluate the value and utility it brings about. If there's nothing in there, you should know without being told that this is a typical pump and dump scheme, and so you can invest for the short term riding the wave, and following the buzz until you make your profit. This means you have to stay updated about how the market is doing so you don't miss out on a chance to bag your profit or suffer from trend reversals.
Most importantly, you should invest that you can afford to lose so that if you suffer a trend reversal before you hit your stop loss button, you will not be heavily liquidated or not have something to fall back upon.