Is Hype stronger than Utility?

Hello everyone,

Memecoins are making massive price rally’s and are quickly picked up in cryptospaces, like this one, and everyone is talking about them more and more which seems to reflect on the Price. For example when Elon musk mentioned Dogecoin the price literally exploded.

So I was wondering how did BTC start? I mean it was a revolutionary idea that was also picked up by many, but was it because of its utility as store of value, or more because hipsters and tech geeks and others hyped it up? It doesn’t seem to me like a memecoin but it’s price is raising too.

I’ve seen some people say this is just how the market is working at the moment, utility is being forgotten and only hype and memes are important. But if so, for how long? I would be depressingly frustrated if projects with GREAT utility die because the market favors memecoins.

Anyway, I’m just a bit confused about the whole crypto situation at the moment, so if anyone with a little bit more knowledge could tell me what’s going on, that would be great, thank you.

Sorry for my English, it isn’t my first language.