If people are paying transaction fees in exchange for some real utility then you'd expect them to pay the same dollar amount for them even if the price went up or down (ignoring second-order effects like increased trading activity).
That's a big "if" though. I'm not sure what portion of transactions are related to trading/speculation vs. something more useful.
That's a big "if" though. I'm not sure what portion of transactions are related to trading/speculation vs. something more useful.