Interesting question! This is something I often ask myself and I don't really have an answer for that.
I think use cases and the number of users definitely play a role in adding value to the blockchain, but when it comes to placing a value on the token, things get a bit out of control. The tokens have value because people believe that they can get something in return in the future for having them. But it is, like you said, speculation.
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Exactly. The value is the belief people have that it will be worth more in the future. Speculation. There is no fundamental measuring stick that can be used to quantify what that value will be. Like I said, it gets a little scary when you look at it that way.
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