Economics as a discipline has different theories and your post falls on the lower the supply, the higher the demand. Therefore, you have asked a valid question.

Naturally, where you have a scarce commodity, it suppose to have a corresponding effect on the value and price. And, where there are no such effect with the value or worth of the product, it simply means that the scarcity is artificial. That is, it is manipulated for personal gains / for the few which are called, the whales in cryptocurrency.