this is true. all value is subjective

True, but meme coins like dogecoin started as a joke. Finding subjective value in dogecoin is like trying to make a living as a stand up comedian by asking, "Why did the chicken cross the road?"

Intrinsic value adds noise to pure price signal

some would say the market cost to produce would be a form of intrinsic value

Some would be wrong. All value is subjective. The amount of energy and depreciating capitol miners are willing to apply to generating bitcoin, plus a small margin, dictates the sale price of new coins.