We used to talk about this a lot back in ye old days. We never really cared about that Q bit until fairly recently, bullish

If your M increases, by let's say through massive inflationary supply side economics, what do you think happens to P? that's right, goblin town

you can offset it though, with real traders (raises V), as does staking and things that take tokens out of supply (raises V). The real upside comes from Q, real quantities of people buying things with the asset. Real Economic Value.