The activity and, as you say, the brand of LEO is the underlying asset. It has value although it is likely the price will not mirror it. There is a chance that we do see a pump and dump scheme with wLEO. It seems that is commonplace in the Ethereum DeFi world these days. It is as if they go through a rotation to see what they can pump.
my little stash of LEO from the very early days of SCOT tribes on Steem-engine has certainly gained multifold...
This is the valid point I think people need to remember. Receiving a multiple increase in the value of one's holdings can really make a difference. This is especially true if one received them as a reward as compared to buying.
Many different forms of accumulation are now possible.
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