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
Don't bother thinking about it because the truth is, meme coins don't have utility cases in the market that makes them sustain their value. Unlike established coins, meme coins only increase their value when hyped but when the hype is gone, they all fall down to a useless value. That is why its never safe to invest in them because you can't guarantee how long they can sustain their value and stay in the market, or just disappear instantly because their prices have gone out to zero.