I think that new players were attracted by what could have been done by x. And all your arguments only scare investors.
Fast speculators left the market. For a real project, they are not needed.
Each investor comes to this or that project only for profit. Then you can say that all investors and speculators traders
Investors hold tokens, but traders can earn money even on cryptocurency fall, to them project is not interesting, they buy tokens only for speculations and do not hold them.
If this is really a promising token, then any investor or trader will hold it until the price reaches a maximum.