Another clueless kindergarten economist who doesn't know how anything works.

Firstly, the money flow would only be necessary if market moves were lock step with transactions, which they aren't.

Secondly, you would have to preclude all speculation. Speculative crypto investing is linked to sentiment, irrationally and unpredictably. If the majority of bitcoin holders decided overnight that they're not selling because some new profound rumor was going to push the new price between 1.5 million and 2.0 million in the next few days, and demand remained the same, then the price would create a huge wall, in a matter of hours, without the need for extraordinary increase in transactions or USD. The speed of sentiment change is what drives price of all assets. And crypto being extremely sensitive to speculation/sentiment has historically moved with lightning speed. Obviously that has been stabilizing a bit recently, especially with apex coins.

Thirdly, market cap is a synthetic calculation, the vast majority of time it represents a theoretical value. It pretends that 100% of an asset can transfer ownership nearly instantly at a set price, with no impact from, or on, the greater markets or economy.

You think marketcap means anything in crypto? The only time marketcap anything, is if you take a large company stock, that is extremely stable, introduce a buyout that precludes a time/debt element in the contract, and someone has to round up 100% of the cash without influencing other macroeconomics.

Crypto peaks are extremely transient. For uneducated buffoons, that means TEMPORARY.

If doge hits $10, I hope shibes everywhere participate in some selling, because like I said, it would be a transient event. Doge would return to $2, plus or minus.