I don't think retail investors are still crazy about meme coin as many are still stuck in doge and shiba inu. They made a huge dip from their ATH and no one knows how it will go for the meme project in the upcoming bull season where institutions will be everywhere. Institutional investor will look for fundamentally strong project, they won't gamble with their money on projects like meme. Crypto is a highly speculative era so anything can happens so let's not be certain about something that hasn't happened yet.
They still do mate. Have you ever wondered why meme coins next to DOGE and SHIB like Pepe have become successful? As long as there are new trends, a meme can come out and so as a new meme coin. Many will try to ride it, in hopes that that it will pump and they can get some share of the pie. Maybe it's true that many are still rooting for the OG of meme coins but many have already lost their hope and moved on.
The upcoming bull reason can be one of the reasons on why retail investors will try to gamble for the meme coins for a while because they also expect that meme coins can pump. We don't know maybe institutional investors are like that too?