What's the most overpriced token?

When you start dabbling into crypto (and markets, and the economy in general, probably), it's not always easy to make sense of it all.

For example: why are some coins priced so highly?

I know I can sound naive, but...

...let's put it this way: Bitcoin has been the first player, Ethereum has tech and ambition, privacy coins are big on, well, privacy, other tokens are tied to useful products or services such as browsers, exchanges, others still want to be more eco-friendly, and so on.

In short, many coins do have a unique selling point of some sort, some added value which in their creators' mind can make the crypto environment a bit better.

But why isn't it always the case? What's the deal about the so-called meme-coins, or those tokens which don't seem to have any interesting peculiarity in general?

I know that fads are a thing, and that if enough people buy (literally) into it, a coin value gets to sustain itself... but why should investors risk money on something useless?

Am I crazy?

Am I right?

Is there one coin whose value you can't make sense of? And if it is, which one?

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EDIT: as some of you has highlighted, "token" and "coin" aren't exactly synonymous; just rest assured I meant both of them, I wanted the discussion to be as inclusive as possible.