Feeling uneasy about meme coins, especially $SHIB today

It's always interesting to see the volume push on things like $SHIB, up over 4% today with a pretty wide daily range already (0.00000483–0.00000579). I know some folks have done well, but the fundamental argument just feels absent. It's almost purely a sentiment play, and while that can work, it also makes me wonder if people are really thinking through the risk-adjusted returns versus something more established. Change my mind, what am I missing?