Have you ever asked yourself this same question each time you panic sell during a bear market like this ? who are those buying? why are they buying? what will they use if for ? these are the questions i do ask myself and it helped me hodl some of my token and later made some profit from them .
It happens from a psychological point of view. When one person loses money and he no longer has the hope that everything will be fine ( depression), but the person who buys sees the growth potential, as he takes a position lower than the person who sold the coins. I think so.