Agree with your point that even Ethereum is incapable of challenging bitcoin so the Meme coins which did not show any successful past and their future is full of risk cannot become successful like Ethereum so challenging bitcoin for them is impossible.

I think meme coins are becoming worthy but not for whole life and will eventually become less valuable as the time goes. May be some people trust them a lot due to current success but people are also aware of their risk so don't invest too much in meme coins.