What are micro cap coins?

Could you elaborate on the concept of "micro cap coins" in the cryptocurrency market? I've heard this term mentioned but am unclear on its specific definition and implications. Are these coins with extremely low market capitalizations? If so, what makes them attractive or risky investments for cryptocurrency enthusiasts? Also, are there any common strategies that investors adopt when considering micro cap coins? Understanding this niche segment of the crypto world could provide valuable insights for my portfolio management.