No it is not.
I think, the most important indicator is transactions per day. That says a lot more about the currency than the price.
I am a litttle concerned can we trust that stat however, i think the transactions per day would be higher now anyway so yeah...
No, we can not really trust that stat, but we could tweak it, e.g. by measuring the transactions per day of the 100 biggest merchants.
Discussions like this remind me that I am a veteran around here.
The metric you are looking for is called
Bitcoin Days Destroyed.
It discounts frequently moved coins. That way it is harder to game than the raw transaction per day metric. Ironically, a sudden spike in that metric can be a sign of trouble since old cold-storage wallets are suddenly being touched.
There was even a bounty for this calculation.
