I am confused that there are meme coins whose prices are sky rocketing but I dont see any real value these meme coins are providing
That's part of their existence. Their prices will skyrocket once they are hyped or backed by big whales, but once they're gone, eventually their value drops again and some hardly recovers. These coins have no real value because they have no real use cases that the community is looking for. So this is why that even if they skyrocket somehow, they should not be given due importance. Otherwise, our money will only go into waste as their chances to survive in the market is very rare.