Simplified example, there are 10 wow tokens. If it greatly increases demand by buying 8 tokens it reduces supply, now 2 wow tokens remaining. Then if the supply comes back with 4 tokens the total is at 6 tokens. Not recovering to its 10 previous tokens.
Ergo, if the demand does not match supply but is > price goes up, if reversed < it goes down if it matches it stays stable’ish.
There is a reason, if they think they can sell for more gold.
Data taken from Classic WoWtoken App and may be inaccurate as a 3rd party site.
However I did more checking and after the announcement of the Restriction of WoW tokens the first peak the price stabilised relatively and is only about 150g above average.
The only thing I could see that happened around 17/18 NOV when the price spiked is that Blizzard announced that they would drop an ICC buff. Probably more gold coming in through WoW tokens for GDKP runs?