> No actual value is generated.

I actually (unfortunately) don't think this is true in a financial sense.

The only people with an incentive to use a semi-anonymous "currency" with extremely high transactions fees are criminals. You can argue that not all crimes are harmful or immoral, and you'd be right, but that's outside the scope of my comment.

The more crypto is used as a payment for crime, the more value it has. It becomes an investment vehicle for crime. If you think global crime will increase (and increasingly use crypto), then you can invest in it using Monero or whatever people think offers the best combination of liquidity and privacy these days.

What does "generating value" mean in this context. Aren't most transactions just shifting resources around?

If i have a bunch of cookies and my friend has a bunch of cup-cakes, and i trade some cookies for some cupcakes, what abstract value was created? The total number of cupcakes and cookies stayed the same, they just shifted around (like musical chairs). Neither me nor my friend are any richer, although we may be happier. Was this transaction useless?

Facilitating transactions is a valuable service.

No, when the flow of money is constrained it interupts actual labor. The great depression is the classic instance where if money had been made work would have been done and everyone would have been better off.

Shitcoins can be fun. Fun can be valuable.