If it holds value and can be exchanged then by definition it’s a method of exchange. People exchange value with gold, fiat, baseball cards, and vintage guitars. All of those go up and down in value.

The problem with most utility tokens is that they have no utility. They grant access to a network, perhaps, but that is nothing different than loyalty points or funhouse tokens. So they are like a general currency, except crappier and less useful because of restrictions. Utility tokens, they are like money only crap!