The downward price will remind those who converted to SP, that they need 2 years to remove their investment. 

Those who invest and don't convert to SP, are losing 0.19% per day due to debasement.

The problem with Steemit is they have no income model, thus once the price is not going up, there is no valuation where it has an P/E ratio. And the system is designed to incentivize cashing out. I just don't see where the buying demand will come from except for a bubble while the price is moving up fast. There is no incentive to HODL this token.