I don't know Flow but I agree with you for WAVES, it's clearly one of the most underrated crypto of the market and that's sad. Another clear underrated crypto is DOGE. Because Elon Musk has big projects for this crypto while being one of the most successful businessman of the world.
I don't think DOGE is underrated, especially when it wasn't designed for serious use. It's a "meme" (joke) coin that's only driven by hype. The reason why it soared towards new heights was because of Elon Musk's positive comments. But the project itself has been abandoned in development for a long time. Without active development and innovation, Dogecoin will only become an obsolete cryptocurrency. Not like WAVES which is constantly being developed and maintained by the community. It's a smart contract platform with real use cases in the mainstream world. There's no hype surrounding the project, as it delivers concrete results to the masses. Other coins like Flow and DASH are underrated because of the features they provide.
The crypto market is full of hype, so any cryptocurrency which adds "fuel to the fire" will certain gain the attention of investors and traders alike. What matters is decentralization. As long as crypto projects prioritize decentralization, they will last for a very long time. Just my thoughts
I don't think it will ever become fully obsolete. So far there are still people with a lot of money invested in DOGE, hence there is incentive to keep it alive in some way. Apart from that we also have seen other cryptocurrencies that were supposed to be dead to pump out of a sudden after years of no action at all. I would say that DOGE is similar to that and would pump from time to time.