RWA is actually has been bigger than ever, except for specific niche like Real Estate. Every exchange and RWA issuer are trying to tokenize everything starting from gold to stocks and the capitalization for those always reached new all time high.
That is because they are not new anymore, although many can still get shocked because there are times that RWA is like out of sight. But is it true that Real Estate are falling behind in the RWA world? I mean this is one of the leading in the real world though. Real Estate being tokenized should in fact attract more people because usually, Real Estate investment in the real world is not cheap and then not convenient too.
Stablecoin itself is an RWA, so it's already on the magnitude higher than memecoins.
If we are referring about those gold backed stable coins, that may be possible. But stable coins like Tether, can't be called as RWA, since their backing which is fiat is not an asset, rather it was a currency.
The big difference is meme coins are low float, their valuation is fake while RWA is real.
That is why RWA means Real World Asset, because they are real, lol. Anyway, there are fake meme coins no doubt but we can not deny that there are also real meme coins. Though, you are right that maybe their valuation is still less, despite the hype because many doesn't stay too for a long time.