  In the evolving domain of cryptocurrency markets, accurate token valuation
remains a critical aspect influencing investment decisions and policy
development. Whilst the prevailing equation of exchange pricing model offers a
quantitative valuation approach based on the interplay between token price,
transaction volume, supply, and either velocity or holding time, it exhibits
intrinsic shortcomings. Specifically, the model may not consistently delineate
the relationship between average token velocity and holding time. This paper
aims to refine this equation, enhancing the depth of insight into token
valuation methodologies.
