If 99% percent of tokens are held by speculators and only 1% is actually used this will make golem an overvalued coin when the time comes where only good coins can preserve their value.
Until then fundamental value is more based on news and ongoing development. Thus, in the short term it could even be undervalued with the next pump coming with "brass".

So longterm valuation: How much golems are actually used to buy time on the network?
Shortterm valuation: is brass good enough for a pump?