A Meme Coin is one that is just that: a meme, a prank, a joke. A Meme Coin is one that was made as a joke, and does not really do anything, or attach any real value. They don't have any use as such, and rely on their communities for getting buyers.
Then WHY are they so trendy in 2021? The answer in one word: HYPE. Consider it like Bigg Boss (or a Bhai movie in the worst case). Everyone knows they are 'not so great or useful' (we're being polite here). Yet they do boast a significant audience who would rather watch them 'despite' their quality, and not because of their quality.
Same is the case with meme coins. Whether you take DOGE, SHIB, KISHU, CUMMIES (yeah that really is a name, sorry), the general characteristics are the same: no utility, overhyped marketing style, dumb fan following, high quantity pumps and dumps.
But despite all their failings, these coins continue to attract a significant amount of retail investors. And this is the one reason why we should all be concerned. When money is flowing into them, it means other projects, with actual underlying technology and effort are getting overlooked. This is a blow to the confidence of actual hard working developers who put hundreds of hours into developing their good coins. Another drawback is that take away the hype and these meme coins don't really have a leg to stand on. So they can be tricky, and casual investors can lose EVERYTHING if they don't invest wisely.
Meme Coins are and always will be a double edged sword. Popularity and quick returns, or annihilation overnight. Not saying don't invest at all in them. But do it sensibly.
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