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You know what else is discontinued but still isn't at a higher price? Vintages, frying pans, halloween miscs, etc. Like you said in your post, "demand". Do people want your "super rare 1 of 1 lvl 54 black box" for a 3 bud hat?
It doesn't matter so much the actual rarity of the item as what people are buying them for. People are hyped about "zomg unusals going 2 be super rare", so they're getting more desperate to buy them, driving prices higher.