I think it’s safe to say that the vast majority are a blob. There is a substantial overlap between users and advocates (shared interest in seeing <coin> “go to the moon”)… adding “researchers” here to lend some credibility to the blob is unfair to the researchers who probably make up < 1% (low figure in just tossing out there)… If there is “value to be achieved”, it won’t be achieved by speculators on coin prices…