Thoughts on Altcoin Value Accrual Post-Halving

It seems a lot of the discussion around the upcoming halving is centered on $BTC price action, which is fair enough. But I'm starting to wonder if the long-term value accrual story for many altcoins is fundamentally broken, or at least severely handicapped, compared to previous cycles. Take something like $DOGE, trading around $0.069933. Without a significant utility narrative or demonstrable network effect beyond social media hype, it's hard to see how these types of assets sustain any meaningful momentum once the initial speculative wave passes. The dilution factor on some of these things is just staggering.

Are we past the point where the rising tide lifts all boats, or is there still a viable argument for broad altcoin participation beyond short-term flips? I'm open to being wrong here, but the data feels different this time around. Convince me otherwise.