What utility do meme coins offer?
For a project to challenge and usurp, it would need to offer more utilities than Bitcoin does or improve on the aspect of decentralization, security and immutability.
Meme coins like many other altcoins are purely for speculation, causing the changes in price.
Any product succeeds because it offers something the market wants. Most investors in Bitcoin today probably don't care about "decentralization" and many probably don't even know what that is (and unless they physically hold their private key, they aren't technically exposed to the idea). That goes double for "immutability".
As for security, that is a
big deal for consumers, but since most people aren't security experts, they need to rely on institutions they trust, e.g. their broker or the media. There have been lots and lots of blockchain-based currencies that have been either technically poor or outright scams. This has surely hit that market hard, and for good reason. Any new product would need to take security (stability, transparency, etc.) head on.
As for utility, I personally think that no blockchain-based currency will ever have
mainstream utility since the blockchain architecture makes it impossible to scale to mainstream loads that can handle the world's everyday transactions. There are some coins out there that are a "lot" faster than Bitcoin (and correspondingly less decentralized), but these still don't come within orders of magnitude of handling the tens of billions of transactions per day you would need to seriously take on credit cards and physical cash.
What if there was a popular platform that actually
could scale to mainstream transaction loads and was 200x faster than today's credit card transactions? That sounds to me like an altcoin platform that could have something consumers really want and could create a new market for digital currency investing by introducing new consumers to something faster and simpler to use

.
Seriously though, although unseating Bitcoin as the market cap leader is a tall order for any new product, and although there have been setbacks for challengers, this is the technology realm and new products do come along every once in a while that are successful. One should always keep an open mind.