There is a war between Memes as Shiba Inu had in latest reached a position amongst top 20, where Dogecoin is happy with its place in top 10.
Moreover investments in memecoins are in a way carried away with gambling (Higher Risks and Higher Returns).
Working is based on the principle of network effect- a fan base which is loyal and have invested prior, market them through every social platform for getting added buyers for keeping up the price.
Dogecoin (DOGE)is at the top amongst this set and still holds the position amongst the top 10 cryptocurrency with around $33billion in market capitalisation. Where Shiba Inu (SHIB) is now standing as an opponent to DOGE, being at the top 20 list.