Unpopular opinion :
All cryptos (excluding bitcoin , Solana and Ethereum) are completely useless. That’s exactly the reason in this cycle you are witnessing memecoins surpassing “utility projects”.
Memecoins are the real cryptocurrencies. They are not pretending they produce real world value and investors know it from the beginning. That’s why they do not FUD them when market is crashing and they pump harder when the market is bullish again.
On the other hand ,when “utility projects” investors acknowledge the fact that their L1’s do not produce real world value like cash flows and earnings ,the initial purpose of holding their bag is now gone.
Memecoins are the smart contracts of this cycle. They produce absolutely nothing ,but they do not claim they do.