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utility: as users create content, host channels, run pods etc...., the token becomes necessary for these actions, increasing demand.

scarcity: if token supply is limited while network activity grows, each token represents a larger share of the network's value.

staking/governance: tokens could be used for staking to secure the network or participate in governance, tying their value to network health.

and speculation.

How does the value from those things translate to the value of the token?

the network.

users creating content.
users hosting channels.
users running pods.
users creating frames and mini apps.
users creating clients.

tokenomics are important (see moxie).

so there needs to be incentive to hold while engaging.