Meme stocks become viral through online communities such as Reddit and X. Through these social platforms; investors discuss stock viability, gather enough individuals, and mass-buy a certain amount of shares. This phenomenon can lead to short squeezes in the market. A prime example would be GameStop in 2021, which led to losses by short sellers and profits by mostly amateur investors as stock prices shot through the roof.
The viability of certain meme stocks depends on the coalition of several people who can only sometimes influence the market. There are better strategies than relying on meme stocks alone for achieving financial success. As with any other type of investment, trade at your risk appetite.