Everyone is stating similar reasons... players hoard so they can spend their resources more efficiently.
In the early game hoarding is common in the scenario where you don't have all the 2* or 3* characters and don't have a free roster spot. Hoarding will let you pull that token at a later time when you can keep it.
A little later in the game when multiple heroes start getting 13 covers they have to be championed before they can use that 14th cover, your ISO pool quickly becomes depleted and you're waiting on ISO to champion characters, so now if a token was pulled you may have to sell it due to being unable to champion the hero in time to use it for a level and bonuses. Hoarding will let you pull that token at a later time when you can use it.
Later still vaulting becomes a mechanic players have to deal with, first it was the limited vault of latest legends, a token that only ever features 3 5* heroes, but keeps the 5* pull rate up at 1 in 7... This is the most effective way to concentrate covers on a 5* character, and the vaulting is a limited time thing as characters rotate out, which means to concentrate on specific 5* characters its most effective to save up a lot of pulls for one particular point in time.
Recently 3*s and 4*s became vaulted as well, people will hoard tokens to avoid wasting them on pulling a 4* that is about to be retired if they don't like the character, as it will be unlikely they will ever see the benefits of championing them now.
Hoarding for stores that are presented in a vault format makes sense if you don't like the current offering, because the same tokens will be saved for the next time that vault is offered, with different rewards.
Game mechanics change, and over the long run things tend to get easier (recent vaulting change notwithstanding) Hoarding will capitalize on those kind of changes, there was even a time when tokens changed and hoarded standard tokens were promoted to hoarded heroic tokens...
Finally I've talked to some people who just find it more fun to pull a whole bunch of tokens at once instead of pulling them as they get them, so they hoard even standard tokens and pull a 100+ at a time.
aa25 said:I've been hoarding for two months now (or 3?) (1380 CP and 45 LT) In my case, due to vaulting, my unusable draw rate was like 80% at one point