I don't know if there's a right "time" or not (otherwise I'd be submitting all my memes then lol). I guess if you have a choice, you ideally want to submit memes so that they come out when there's likely to be the most views and traffic in the time zones where most imgflippers live: mornings before school/work, lunchtime, and afternoons/evenings on weekdays or weekends.
What I meant by "missed the wave" was a little bit different. I just meant that some memes you can tell that they're picking up momentum early on, and headed for the front page. This one is already a day old and only has about 10 upvotes, so I think it's too late for this one.