The most logical explanation is these monies are being used to buy dash and is causing the pump.
You can't use Dash to buy Dash. So that isn't the most logical explanation.
The most "logical explanation" is in fact that 3 years of development, trading and distribution are being priced in. Previous "large holders" are no longer in possession of what they started off with and OTC sales have dried up.
Secondly, the Dash technical and monetary model has been successful in that it it's been made to work not only for miners and merchants but holders as well. (See stakeholders:
https://bitcointalk.org/index.php?topic=1433982.msg14584154#msg14584154).
You don't need 1000 Dash to benefit from this. There are no loads of investors who have their holdings invested in shared node collateral. Albeit these are 3rd party services at the moment but trustless ones are on the roadmap.
See more here:
https://bitcointalk.org/index.php?topic=421615.msg12549331#msg12549331One thing most people don't understand is that most of the tokens are locked up in Masternode and that create artificial scarcity in the market.
1. The tokens aren't "locked up"
2. The scarcity isn't "artificial",
it's real