Debate on how this will affect crypto

Crypto is taking a gigantic turn, and I'd like to know where do you guys think this will lead.

https://preview.redd.it/mirurdiykv0e1.png?579&format=png&auto=webp&s=377abd623cf951d89fded262f40de03e08c7602c

You've seen the news: https://www.coingecko.com/research/publications/how-many-cryptocurrencies-are-there

I think everybody knows that if this market continues with this path we'll soon have more new projects/shitcoins/memecoins than investors.

We all know that 99% is trash/VC dump. (Except Your own investments of course *insert clown face here*)

I think it's pretty obvious on twitter that everybody is just shouting memecoins you've never heard of or the 1000th layer 1 or 2 project you didn't know was needed.

This current state is very good for exchanges as they get the biggest piece of the pie, Token creators pay them & they get to extract transaction fees from all the people gambling on so many new listings of shitcoins.

What i'm pondering is how long can this go on, can we ever go back to focus on making something useful in crypto? And something useful in the real world.