Steem has gone up 20x in value, so even if it drops to half of what it is now, it is still a huge success. People always make up stories based on the direction of the price, but the truth is most cryptocurrencies behave like this, they go up 10x then they crash to half or one fourth of their peak price. 3 months ago 100 or even 50 million would have been seen as a success, but now it would be seen as something wrong. I think it's mostly investment psychology at this point, the underlying economics of steem can't really show itself on this short a timescale, speculators are clouding what we can conclude from the price swings.