I've never analysed the markets on where the steem money is actually coming from. its an interesting finding. the suspects you listed could be possible. What i also think: pumping the market brings more attention which results in more investors and a rising steem price = successful investment for Korea.
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True, I've been following Steemit on Alexa and google trends for a while and can tell you that ranking and interest go up as soon as there is a big price increase.