How Does the Token Price Appreciation Relate to Common Enterprise?

Token price appreciation is central to the common enterprise prong, particularly the expectation of profit. If the promoter's efforts (e.g. development, marketing) are the primary driver for the token's price appreciation, it strongly supports the vertical commonality argument.

When all investors rely on the same promoter for the price increase, it also suggests a pooling of interests, supporting horizontal commonality. The token's price is often the measure of the enterprise's shared success or failure.