Explain this to me like I hold bags: why do memes print while utility crawls

Every cycle we say “utility will win,” and every cycle the market yeets liquidity at the loudest punchline. I’m talking projects with actual knobs and users grinding for scraps while a frog with lore vacuums eight figures on launch day.

Examples I’m seeing struggle despite shipping
• DePIN teams with real hardware networks actually online
• RWA apps tokenizing invoices/treasuries with paying clients
• On-chain burn platforms with live dashboards and community-run events (think SCORCH)
• L2 infra (AA wallets/bridges) that reduce friction but raise modestly
• Audited DEX/perp tools with real volume, ignored because the meme du jour is yelling louder

Meanwhile pure memes like PEPE ASCENCION and PEPE HEIMER raise tens of millions on vibes. Not hating, just trying to understand the meta.

-Is it simply attention liquidity?
-Narrative timing and whales?
-Farming quick multiples over sticky users?
-Are dashboards and receipts “boring” compared to a viral ticker?

Genuinely curious. I already bought SCORCH because I like buttons that do things, but I want the truth, not cope.