Why do you think crypto markets don't value fundamentals?

I'm not intending to shill or bash any specific tokens, but I think anecdotes help.

• SHIB, a dog coin started on 4chan with the entire original premise being "let's shill this to Reddit and get rich off their backs", is now the number 11 token by mcap at $14.5B with a giant Reddit sub dedicated to it
• PEPE, an nth iteration of a meme about a frog reappropriated by 4chan, which has no intention of ever being useful for anything now has a $4B mcap
• XRP, embroiled in a legal case they are losing and never having produced anything of value from a product perspective (at least in associate with the tokens usage) sits at a $29B mcap
• I won't even name it because again I'm not trying to shill, but there is a token which has confirmed partnerships now building products with SWIFT and FIX and the DTCC to essentially onboard all of global finance to blockchain and enables the majority of current DeFi transactions, yet has a market cap lower than a number of ghost layer 1's and dog coins.

Why do you think the market generally is representative of hype instead of fundamental value? Is this a problem with crypto, or is this a benefit of it?