well if you look at the price before june, it is still way much up because beginning this year the price was about 0.30 dollar cent so I think your argument is valid. Also the more content and activity, the more steem there will be. People are buying into the bitcoin uptrend but that is slowly ending and there will be a giant correction once people start to sell bitcoin and buy into alt coin again so chill out and don't panic. the only time people are valid to panic is when they entered as whales in june and now are dolphins