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?
My theory is that the XMR price is been "set" on the big exchanges, but on these platforms it's not a popular cryptocurrency because the typical public of these platform (retail speculative "altcoin investors") prefer generally coins with hype potential and big marketing expenses, and Monero lacks these characteristics. Instead, it has a different public and is traded mainly at lesser known exchanges like Exch, or even via atomic swaps and P2P. But these platforms tend to follow the price of the big exchanges and have no capacity of setting the price. Instant exchanges like Exch can select the price but they can't diverge that much from the big CEXes (they make money from fees mainly so they need to stay attractive).
So we have a situation where XMR is very popular on exchanges which do have only a very minor influence on the prices which are shown on Coinmarketcap et al, while not being popular at the "price making" exchanges. This could have a damping effect on its price, and also reduces the "hype potential" even further.
A question remains if it would be more convenient for Exch to simply increase their XMR price 4,5% and charge 0,5% fees again, instead of 5% fees and following the Coinmarketcap price, or if this would drive away potential customers more than the high fees? The revenue for the exchange would be the same, but the price would then reflect the scarcity.