I think coins or cryptocurrencies prices are determined on their trading volume most likely. Look at
ETH,
It's a centralized exchange site. Fees will not be applied when your coins already stored on the hot wallet of centralized exchange site. You will be getting small fees on your trading activities. It has nothing to do with the high fees outside of cex.
even with high gas fees, users are still holding and trading it. There are lot of DeFi's involved in here also. There are so many factors as to how these prices are determined.
Do you have clue about what you are talking about right now? The involvement of defi to replace the centralized exchange site.