The a_cat_is_fine_too and meme tags keep being added/removed by users to post #2861426, I presume because of topic #28963 where the tag was updated to only be used for direct references to the actual meme and not for general feral cat bestiality pics.

That said, unlike other feral cat bestiality pics this specific one IS a direct reference to the meme. It's a continuation of the "a cat is fine too" original doujin page and it's the actual cat from the meme. However, it doesn't actually contain the text "a cat is fine too" so the reference could be missed if you fail to read the description or recognize the characters.

Should the tag be allowed since it's a reference to the actual meme, or does the "meme" tag implicitly require the meme text to be included in the image?

I would personally say the a_cat_is_fine_too tag applies to that image, given it's the same characters in a hypothetical follow-up to the situation in the meme. It doesn't need the text specifically, as long as the image references the meme.