Why is Steem dropping in value so fast?

The novel concept of Steemit had a lot of attraction which lead to a lot of people jumping on board and using the platform to earn some extra money. The excitement around the platform must have lead to a lot of people buying Steem increasing its demand and its price.

So why now is the price of Steem dropping so fast?

Is it because people are now losing interest in the platform as they realize very quickly that it is not easy to earn for posting content on Steemit?

Let's face it the value of Steem is based on how big the community is using it and the platform Steemit, since the price is dropping so fast I can only assume the concept is dying.

What do you think?