Hey Eric ! Sorry I missed your comment.
I think Velocity will be low for utility tokens. Not holding on to them unless you absolutely have to means that the total number of transactions should go down, not up.
Regardless, I think the value of V is irrelevant, because as I said the main problem with using this equation is that the PQ part is often times unknown. Whatever value you put on PQ, it’s a big assumption that your currency can capture significant value of the market you are trying to serve.