At least Monero demand growth steadily.

Want a serious take.

Those who wanted to grow onchain left for BCH and LTC.

Those who wanted to use stables left for TRX and ETH.

Those who wanted to grow second layers left for LN and ecash.

Those who wanted privacy left for XMR.

Those who favour fiat (Saylorism) left for custodians encouraged by tax hunting government.

Fiat price is at an ATH. But future prospects that rely on a healthy fee market are at an all time low. We are entering uncharted territories.

Tail emission doesn't sound so bad after all.

Every action has intended (foreseen) and unintended (unforeseen and potentially catastrophic) consequences.