Maybe it might be better we wait after the ETH merge before we make conclusions

To me the pumps are more like an anticipation to the merge event since ETH has also been pumping lately.
Security tokenization is the usecase. Security tokenization is a multi-trillion dollar industry.
Ravencoin is the only platform that does this on the base layer without smart contracts and with compliance built-in.
It maybe a multi-trillion dollar industry but if the adoption to the network is slow then it will just be one of those coins created with brilliant ideas but ignored by most projects and people. I still think it's one of those coins that can make an easy x10 in a bull market.