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
Utility case is not the only way that meme coins prices will skyrocket, sometimes they are also hyped that makes them temporarily profitable. But knowing that any hype has eventually its end, then that's the time meme coins start to drop and eventually lose their value. This is why meme coins should be avoided in the first place because they're not making us profitable in the long run. Although some have been profiting from them for a short term, but there is also high risks and that anytime you will still end up losing what you all gained.
Hyped projects like meme coins are just ideal for a short-term deal, we can never think they couldn't be able to sustain the competition, they will certainly lose their value. Thinking about Dogecoin as a long and existing meme coin, it is somehow lucky that this project has been supported by a known market influencer, or else, it has been dead already.
Thus, if we want money protection, we tend to stay away from them...there are a lot of potential and long-term investments that warrant a better future.
We must understand that even if we believe ourselves to be perfectly rational that is a lie, the market just like ourselves is irrational, a coin like dogecoin and many other similar coins in theory should not have any place in any market, however people thought back then that it was funny to have a meme coin and backed up, then some people began to see it was possible to make money with it and this is why it remains to these days, however I am not so sure this luck will remain forever and at some point it will disappear.