I mean there are more than a few reasons why, say, Ashton Kutcher doesn't have a big share of steem, lol. User retention is king, and that metric alone is going to scare away any serious bucks from considering the platform or the coin. As for how and why the coin has seen meteoric rises in the past, well, I'll let the whole Tether+unregulated exchanges thing unfold and that'll pretty much explain itself.

If shit like Kraken charging 0% non-margin trading fees doesn't scare the living hell out of someone then I don't know what it would take to wake them up. That's a pretty obvious ploy to entice people to keep their money on the table.