These platform tokens are strongly tied to their exchanges. The exchanges might not necessarily go up (not going to give examples, but there are many), but if an exchange collapses, the token is guaranteed to become worthless. For example, FTX's platform token, FTT, dropped from over $80 to just a few cents. All it took was one sudden crash, and then it kept declining. FTX didn't do anything particularly wrong; other exchanges follow similar development paths. The only difference is that the collapse happened suddenly and directly affected FTX.