A fair chuck of the crypto space is "pie in the sky bullshit" with a few rare exceptions where the coin itself has been established as a critical consumable for some other service which delivers real value. But the rest? Memecoins are basically a casino with the added twist of being able to bluff other idiots into doubling down on your bet to your own benefit.
Trump Coin, on the other hand, is not a meme coin. It looks like a meme coin and you're supposed to think of it as a meme coin but it's the first kind: a coin which enables some other service that delivers real value. That value is bribing government officials.
Large purchases of Trump Coin necessarily drive the price of the coin up, allowing Trump or his chosen acolytes to sell their horded coins at a tidy profit. Everyone who holds the coins has a commonly held interest. Everyone who buys them to inflate the price and enrich the holders expects to get something for their trouble and then becomes part of the cabal of holders.
Trump Coin is basically an anti-dollar: it is backed, not by the full faith and credit of the United States but by the political corruption and dominance of the MAGA movement.