Despite predictions of their demise, memecoins like $USELESS, $BONK, $FLOKI, $PEPE, and $PENGU have seen significant gains of 50-100%+ this year, outperforming "revenue-driven utility tokens." This suggests the current market cycle is driven by attention and positioning rather than traditional financial metrics. Investors might consider the continued momentum in memecoins as a short-term trend.