Why is pangolin expensive?

I'm curious to understand why pangolin, a type of scaly mammal native to Africa and Asia, is considered to be expensive. Could it be due to its rarity and unique features, such as its ability to roll into a ball for protection? Or is it perhaps due to illegal poaching and trafficking, leading to a dwindling population and a subsequent increase in value on the black market? Additionally, are there any cultural or traditional beliefs that contribute to the high demand and value of pangolin products, such as their scales being used in traditional medicine? It would be insightful to explore these potential factors and gain a deeper understanding of why pangolin is so highly valued.