No. A memory hard algorithm is not breakable by ASICs if it is devised properly. It is always possible to have a device more specialized than commodity devices but not that far to be an order of magnitude more efficient. Ethash for instance is not cracked by ASICs despite what Bitmain says, E3 is just like 2x better than a comparable gpu rig and still the race is not over, better gpus are ready to beat E3 in next few months. Plus, commodity devices, being multipurpose, have an inherent advantage against specialized hardware like E3, this compensates for their relative inefficiency.

Another sophisticated approach to ASIC resistance is ProgPow, it is a really 'badass' algorithm that theoretically makes it almost impossible for a specialized device to have gains above 1.2x over commodity gpu and it is not enough incentive for an attacker to invest on such a device.