This is very right. The memes trend was started by Elon. These has no use case, no vision, no planning, no value. Complete waste of investment. Experienced trades will not fall in this trap. But the problem is with newbies. They join crypto, see such such profit in this coin. Put their money in it and loss it.
Also NFT, DEFI all these are temporary trend. They may survive or may not. And if survive there will be no potential in them to give profit.
But now I feel gaming on blockchain trend is coming and this will go for long.