In the last bull market Elon Musk adopted Dogecoin as his coin, he continually tweeted about the coin and pumped it beyond what everyone thought a memecoin could get to.  I believe this has given everyone ideas this cycle to just go straight into the memecoins to make their fortunes, rather than make their way down the risk curve like normally happens.

The money flow of past cycles would go something along the lines of...

Bitcoin halving

Bitcoin all time high (few months after halving)

Bitcoin swapped to Ethereum

Ethereum all time high and talk of the flippening

Ethereum swapped to other layer 1's and mid cap coins (Sol, Ada, Avax etc)

Then finally money flows into small cap coins and memes

Bitcoin crashes sending all alts down 95%

If we look at the market today we see a completely different order of affairs.  On one side we have Bitcoin being bought up by the ETF's and heading to a new ATH.  And at the same time we have coins like Pepe, Bonk, Shib, Floki, and Wif all leading the gainers chart and putting in 200-400% gains for the week!  

I have small position in one of those memecoins, but I in no way expected them to pop off so early in the bull market. 

As traders / investors it's important to be flexible and move with the times.  It's a good idea to look to the coins showing the most strength to get the maximum gains instead of holding underperforming coins because of out of date strategies.

Not financial advice, always DYOR.