It can at least show how man of it’s kind has been found or other things, doesn’t necessarily need to show a price. The estimate price would be something, when it would be sold to an npc, that it has another price to players, but would of course have influence on the players prices, as it goes lower the more of it exists.
How to update this count is up to the devs, I would say drop it on the ground an pick it up, just like hypixel skyblock does it with their language changed items. (using translate in json text is better, i believe)