Memecoins outperforming altcoins this bull market season

I noticed this cycle, meme coins are outperforming Alt coins this season. At this rate Alt coins aren't even going to touch ATHs before bitcoin drops back down. Any clue why Alt coins are so sluggish this cycle? I keep reading that Ethereum ETF has such record money flows for days now, but the price action has barely moved. Compare to doge or PEPE.

It's not just ETH either, I see so many once popular Alt coins like ADA and BNB aren't making much traction in Price action either. Are Alt coins dead this season? What are your thoughts why ALT coins aren't making much traction this bull run? Last season ETH ROI was nearly 50 times what it is now.