Altcoin market liquidity is falling, but individual projects are growing... how to explain this?

I have been observing an interesting situation in the last few weeks. The total trading volume of altcoins has fallen, but several projects are showing the opposite dynamics.

One of the factors seems to be the internal use of the token. We tested an approach where the token is used not only as a speculative asset, but as a payment for services within the ecosystem (for example, transaction fees).

The result is a more stable trading volume and less volatility even during market declines. 🤔

Can a real use case support the token price in a bear market?

Is liquidity now largely determined only by speculation?