For me I think scarcity play a good role in the value of any one, think about it, scarcity means people are reluctant to sell, they are hold their cons, and that will make the buyers to bid higher to attract the sellers to sell.
You mean when supply decreases, demand increases. True but you missed OP's point. Suppose you have almost 30% of total supply of a token. That's huge. But what will you do with your stakes if the token is useless? In future , only tokens with utility will survive . People are not dumb.