“Meme stocks were a big part of the exuberant sentiment in the 2020-2021 market and ultimately led to a cyclical peak,” writes Jonathan Krinsky, chief market technician at BTIG. “One sign that the froth was reaching a fever pitch was the launch of a ‘Meme ETF’ on 12/8/21. That was essentially the peak on the Nasdaq before the bear market of ’22.”