Your argument is akin to saying the Internet is overvalued because there's the potential for 100s of millions of new users to come onboard.... What!!!???
It's more a question of finding an adequate approach to estimating current valuations.
Large investors rarely transact through exchanges in bulk because that is ineffecient and slippage drives the price.
True, but that's always been the case because even regular cryptocurrency monetary assets are traded OTC for large quantities. The difference is that the reported marketcap includes that supply. In Veritasium it doesn't so if you use marketcap as a reference to valuation you'll effectively undervalue the current trading price by probably an order of magnitude because - unlike the classic cryptos - new sales come out of new supply, not existing.
I'm not saying there's anything wrong with it (and you have been totally transparent about how the offering works with your many Youtube explanations & AMA's etc) but we're now in an era of offerings that are more complex than the traditional monetary assets that have been traded on blockchains in the early years. This sounds more like a share offering where more shares are issued in response to demand (up to a cap of 50 times the current circulation).