Yes. Most memes are meant to be read in "
CAPSLOCK VOICE" (also sometimes referred to as "AOL voice"). This is not to say they are meant to be yelled, but rather that it is meant to be read in an elevated, somewhat detached tone.
To that end, the smaller text would be better, as well as a lack of serifs. Try to choose a font that's not too whimsical, not too hard to read, and not Comic Sans.
--Patrick