It is thinly traded. That tends to result in large bid/ask spreads.
If one wants in, they have to hit the ask. The bids are set low by people trying to scalp some at a low price (many are probably trading bots). There might be a couple people who dump at the ask but the majority are holding at this moment.
Markets are terrible evaluators of value. But over time, with heavily traded assets, they get closer to the underlying metrics.
