Hawaii, you're forgetting one important thing. Whilst you might be right about ETH itself not needing the high valuation it currently has, ETH is essential in order to invest in most of those "moon mission" coins/tokens you are referring to. You need to buy ETH to purchase them, or ETH to use gas to transfer them. This is what creates its demand.
This is a good point but what I already see that there is many other platforms that can do the same as ETH. Crypto is a booming, always changing market in a (real) crash of the new economy stocks 95% of value got wiped out and its the big ones who lose the most because they simply do not hold the real business value. No patents. No proprietary products. ETH does have a good brand and the holders always praise it but if 50 great blockchain devs team up and create eth2 they can do a better product for 0,1% of eth price. Do you see my point?
As for WaltonChain in a crash, their patents would still be worth X billion, their contracts with some of the worlds biggest companies, sales orders for blockchain hardware... this would all still exist. So they would probably HOLD most of their value even if the market goes down 95%.
So if you always invest only in very cheap coins you basically cannot lose any money, for as long as you do not "buy the bubble". Currently I suggest spacechain, it will never be this cheap again, it got tim draper (skype, hotmail, badu, spacex), qtum founder and other great people. They know how to do business, how to win,this is not a team of 8 14 year olds as so often now in crypto.