But looking at the current figures of 4.5 mil entries in total, there isn't enough entries to even justify the current price of a factoid.
This isn't how valuations work. According to this logic, very few cryptos could justify a market cap of $1, given that they're pre-profit. Even among established companies in public markets, valuations are often a dozen or more X their yearly earnings (see "P/E ratio").
The main thing to look at is trends, and for Factom, the trend is a slow exponential:
https://docs.google.com/spreadsheets/d/1RUZLxxoAfT3C5jIJ144DLYdztYe_sqrKqbTlZuD05-s/edit?pref=2&pli=1#gid=445871101Question, is factom usage expected to increase significantly after m2?
Great question! Anyone have thoughts on this?