That's a good point. The main reason for the low price is that velocity is so high — all of the coins are changing hands every 10 seconds in this scenario. So there is still a huge amount of demand for them. If you tried to buy a lot to drive up the price, I think all of that demand would be recalibrating the price so quickly that practically speaking it would be hard to sell them back fast enough at a price any higher than you paid. So I think it would be hard to manipulate the price in a profitable way.

But it's a good point — maybe there's some minimum level of holding that happens (could be high, 99%? 99.9%) that is solely about making it expensive for others to increase the price arbitrarily (even if they can't do so profitably), in order to maintain price stability. But that would be about paying for stability, not for the underlying utility. I need to think about that more.