Oooohno, you asked an economy question. o: Wall of text incoming~
I think the event is pretty cleverly set up to limit the number of Loga that it's actually possible to make.
For starters, the window is short, less than 48 hours, with no prior warning. A lot of people don't hoard the cheap coli familiars, as it turns out, so they're resorting to buying them from the AH if they're not into Coli, cutting into their funds to buy them in order to transmute them.
Then there's the brewing wait times. 30 mins to make Muck, and 1 hour 20 mins to make a Loga, which requires 4 Muck to make. And 50k, which really adds up after a while.
And theeeen there's the issue that the Muck you receive is random. There are a lot of people who are getting like 20 Copper, 5 Silver, and like, 1 Gold. So for all their time spent transmuting, they have the items required to make 1 Loga.
So if you wanted to make, say, 3 Loga, that would be 6 hours absolutely minimum to get the Muck (you'd have to get the exact number of everything), plus another 4 hours to brew the Logas. So 10 hours for 3 Loga, plus 150k. Event is like 45 hours long, so that's... 11 Loga, or something like that, absolutely maximum. And 550k. That's no sleeping, getting every single required Muck on the first try, timing everything absolutely 100% to the minute to set a new brew going, and having the money and familiars on hand. This is the impossible best case scenario.
It's more likely people who are focusing on making them are going to make like 3 or 4 Loga. Especially since everyone gets one for free to start with. They also released a pretty cool apparel item that uses the cauldron to make, which further cuts down on the number of people who are focusing on making Loga.
...In comparison to what people get during festivals.
Festivals, which are very regularly scheduled (allowing people to save up ahead of time), and require no money to actually get the apparel/familiars. Anyone can get currency from gathering or the coli for free. It's also a sure bet on what you'll receive for putting in your time (Fest currency = fest items). I regularly rack up like 14 Apparel, just from the Coli, which leads me to assume that plenty of other people do as well. But those items still go up and up in price.
I seem to remember that Lightning's first festival went on for 2 weeks instead of one, and it was a few months into the creation of the site so people actually knew what to do to get the most out of every festival. Lightning Sprites are still worth 3mil, even after all of that.
Also, in my opinion, the Loga looks amazing. It's likely to be sought after because it looks cool.
(Their name is silly though, my phone keeps thinking they should be Logs .-.)
/Xan's opinion
Gonna edit in some links to threads to back myself up on why I think people aren't actually crafting thaaaat many Loga:
Your Loga Count?
How many Logas?
anyone not mass producing logas