1. Community:
It is community that gives speculative value to memecoin. So, the bigger and the cult-like a community is the better. It shows alot of the community will buy and create hype for the project.
This isn't only applied to memecoin itself, but in every project, a community behind it is very important.
Having a community means there are people who are supporting your project for whatever reason it is. It's very important to have a community behind every project because they'll be the ones who will promote the project itself, and at the same time buy that coin. On the other hand, there are some projects that are failing even though they have a community that has been built already. These are the project who doesn't have any intention, but to scam people at first place.
2. Strategic Partnerships:
How is associated with the memecoin? If it's a notable influencer like Elon Musk, it'll moon.
Not all.
This is the problem right now not only with memecoins, but with other projects as well. If they just include some famous influencer out there, investors will flock into that project hoping that they can profit from it, buy that project, and it will get hyped for a short period of time before it turns to either be a scam project or a dead project. Memecoins that has a name of an influencer is most probably a scam. Just look at the popular memecoins right now. DOGE, SHIB, and now PEPE. I don't think that PEPE is associated with Elon, but DOGE and SHIB isn't. Elon is the one who promoted DOGE, and DOGE has been existing for a long time already before he advertised it, and hyped.
What other factors do you think influence memecoin projects?
Hype is number one that's for sure.
I still remember a few years ago where memecoins are hyped. Lots of new memecoins being created since it's very easy to create a new token nowadays, and in the end, only a few memecoins are still alive until now, and the one notable memecoin that went up at that time is SHIB. Now it's hyped again, and the notable memecoin is PEPE. Whenever there is a hype on a particular industry whether it is NFT, or DeFi, or memecoin, there will always be 1-2 projects that will be supported by many people thus, increasing the popularity of it, and increasing the market cap as well.