My bear case for memecoins:

It’s purely an attention game. Attention is fleeting and finite. 

A memecoin that hits $500M and then falls will probably never hit those levels again because attention has moved to the next game, no matter how lindy the meme is. 

Lasting value only comes from building a network.

Yeah add in the low liquidity and you eventually get a huge sell cascade that is hard to recover from, without an anchor like the network

I'm bullish memecoin asset class aggregate mcap, but generally bearish any individual coins long-term

exception being maybe doge