Almost never touched Arbitrum and never traded memecoins there.
The ARB hype was gone and didn't grow after they Airdropped, although being the largest layer 2 didn't make Arbitrum a desirable chain.
Even now SOL and Base are chains that print trillions of dollars and even have a lot of memecoin every day.
I see the potential and value of Layer-2 solutions like Arbitrum, Optimism, and Base in attracting users and solving the high fee problem on Layer-1 over the years. Memecoins are a big trend in the crypto market, and even though Base is overrun by memecoins and Arbitrum supports memecoins, that's normal. Everyone can use the network, including memecoin DevTeams.
To me, the market capitalization of memecoins is meaningless. It is only the result of trading a small portion of memecoins, not the majority. But it is true that it has had a positive impact in attracting investors to Solana and Arbitrum in the past. The answer to the future of these Layer-2 solutions will come in the 2024-2025 uptrend.