I'd say that community engagement is actually more long-term than people think.
If the community is engaged, then the token can really take off and hold its value just because of the increased demand and decreased supply from the true believers of a token.
For instance, think about zero-utility tokens such as Dogecoin or Shiba that is propped up entirely by community dynamics.
They are doing better than 95% of ICOs that claim to have utility. So there you go.