What intrigues me about this, is that XMR performance is very poor compared to other cryptocurrency. It used to top in top 10 coins (in marketcap) just 5 years ago, and it is nearly 50th now (46th in time of writing). This means losing much of its valuale compared to BTC.
Something is not right. XMR price is not showing this scarcity. Maybe XMR price will be adjusted in the future?
Monero has been battered lately after Binance announced that it would soon delist it from their platform. That caused a big downward trend for the value of the coin. Binance is just the latest big exchange that has turned its back on Monero, many others before it did. Privacy coins are constantly under attack by regulators and governments that see them as a bigger threat than stablecoins. Whatever bitcoin is going through, in terms of being called a haven for scammers and thieves, monero is subjected to double of that. All of that has affected the price and overall interest for the coin.