I know what the meme is supposed to represent, but the Tolkien nerd in me feels the need to correct the universal misunderstanding of the picture used.
Frodo isn't saying he can't read the inscription on the One Ring because it's in Elvish. He actually is pretty fluent in Elvish in the novel, but the inscription on the Ring was in the Black Speech, which he couldn't recognise.
I know what the meme is supposed to represent, but the Tolkien nerd in me feels the need to correct the universal misunderstanding of the picture used.