A memorial of victory wasting away (7)

I believe the answer is:

atrophy

'wasting away' is the definition.
('atrophy' can be a synonym of 'wasting away')

'a memorial of victory' is the wordplay.
'memorial of victory' becomes 'trophy' (I've seen this before).
'a'+'trophy'='ATROPHY'

(Other definitions for atrophy that I've seen before include "Degeneration" , "wasting away" , "Decay" , "Degenerate" , "Waste away - sounds like a sporting award" .)

I've seen this clue in The Telegraph.

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