Sure people came up with all kinds of explanations but the most accepted ones speak of deficient Aggregate Demand. Low aggregate demand can almost tautologically be seen as the flip side of too high demand for currency.

"We buy newly-produced goods with money. A Keynesian recession is an excess supply of newly-produced goods, and a deficiency of Aggregate Demand. In a monetary exchange economy, a deficiency of Aggregate Demand, and an excess supply of goods, is an excess demand for money. Money is what we demand goods with."

https://worthwhile.typepad.com/worthwhile_canadian_initi/201...

I would argue that an excess demand for crypto tokens is quite similar, especially if it gets to the point where companies are stockpiling them.