Perhaps partly that is the reason, but also they face a number of competitors and it's not clear which ones are going to make it. Dash makes a card, coinbase has recently released one. There are many others as well. Not that it can't make it, but the road is going to be filled with obstacles.
There is a lot of competitors and roadblocks ahead but nothing they cant win. With the arrival of more cards worldwide and TenX getting a real user base look for the project to take off then. Right now it is mainly speculation
that is fueling the surges. When real news and developments happen thats when you can expect price to moon