I actually do not think so. All cryptos have been blown up by investors who just wanted to make lot of money. This "bubble" has bursted "a little" lately and therefore the prices have declined.
A lot of coins that do not provide any additional value other than "being crypto" will fail sooner or later. Gridcoin is different in this regard, as it does provide value for examples to researchers who want to buy computational resources. This allows gridcoin to build up value outside of the sheer speculation of people who just want to make fast gains.
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I sitting in gridcoin almost a year in boinc few years and when you compare gridcoin from october to now you can see over twice lower magnitude but not twice higher price for gridcoin. I know gridcoin isnt about earning money but you can say whatever you want but gridcoin gaining most users during jump on price. Check grcpool stats: https://www.grcpool.com/report/poolChart from day 313 to 356 pool gained over 4 000 users and growth was much faster than ever before and now. why? because that was the time when gridoin price went from 0.04 to 0.17$. As you said many coins are useless they are about making money but this is crucial point for most people. I started when I first calculated gridcoin can pay around 70% electricity bill for my pc during crushing boinc and I said yea its worth it. Right now gridcoin can pay around 30% of electricity bill for my pc. For me its big minus because my previous boinc account was really good and I left my old account for going to gridcoin which right now isnt worth it for me and for sure for many others too. If gridcoin will still falling in rank on coinmarketcap sooner or later markets abandon gridcoin because there is much more bigger coins to deal with than gridcoin.
I do not share your opinion: GRIDCOIN is connected to a strong / old internet project: BOINC with a faithful user base. This user base will not abandon BOINC and some will mine GRIDCOIN whatever the price is, just because it helps pay some of the expenditures – like I do – or because it’s another fun project to be part of. So GRIDCOIN user increase might be slow at the moment as the price of CRYPTO in general is low, but I cannot see how it will dry up at all in the future.
Just do not sell, if the price of GRC is not right for you! Hodling is right thing to do at the moment!