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
Meme coins' values are given accordingly to the fun's intensity of the joke. The funnier it is, the more expensive it will be. But be careful, because once the joke becomes too repetitive, it stops being funny, leading the hype to a sudden end. That is when investors start crying and the comedy genre is replaced by drama.
My point exactly, the hype, the hype is what makes them quite popular. But as you said, the risks are too big to take. It's all about the hype at the time, it the meme coins at the time is very popular, there's a chance that the price is going skyrocket. And since it's a meme coins, It's the classic old scenario which is the quick up and down scenario. But once the hype died down, you better pray that you're already out or maybe made quite the profit before you losses.