Ehh in some coins yes. Doge and Shib and the other countless “meme” coins are definitely that way.
Bitcoin and Etherum, no. Not entirely. Only a portion.
Bitcoin and Etherum actually offer a service. It gets into computer programming, but a large portion of the value of those two are in the services they provide. Etherum runs on a protocol that processes millions upon millions of banking transactions for minute. This service is paid from the banks and credit card companies in the form of Etherum coins which are then sold for cash .