Silver has plenty of industrial uses. Very little has changed in industry to cause demand or supply shifts to match the massive price swings. Thus a lot of this is probably meme investors gambling
Mexico is ~25% of supply. Mexico, China, Peru account for 50%. The Top 10 countries account for 80%.
About one third of this demand (photographic film and paper) more or less evaporated in the 2000s. You don't see that on the price chart, so I don't think you can seriously argue that the price is dictated by industrial uses.
While dollars, euros, and all other currencies are all imaginary within databases and don't exist in reality.
That isn't the case with silver or gold, for the most part, and what are you really going to use them for, now that there are so many excellent rust-resistant alloys?