Are memecoins just the casino version of crypto?

Feels like every cycle the same thing happens. A random memecoin appears, it starts as a joke, and suddenly people are throwing money at it hoping to catch a 10x or 100x. Then a few early buyers make insane gains while a lot of late buyers end up holding the bag.

At the same time, some of the biggest communities in crypto started around coins that were never meant to be taken seriously.

So it raises a weird question. Are memecoins actually harmful for the space because they turn crypto into a casino… or are they just the chaotic side of the market that keeps bringing new people in?