Why is Steemit Pumping?

The Steemit ecosystem is a fascinating place, Ive been watching it for a year now and it still boggles my mind. Like how is steemit's price growing while it's been inflating for a over a year with each new post, comment and like? that means that the number of coins in circulation has to be less than the number of new people joining Steem. Either that, or the number of people who are buying in to the network via picking up steem power is enough to lift the price to where it is. All of this seems too much to me, and I'm perplexed, but maybe I'm just a naysayer. I know a lot of smart, technical people are here on the network and I'd like your opinions. Please like and comment so that we can expand upon the ideas given to us by Steem, and if we're figuring out a new way of funding, how else we can use this tech. Peace & Love, Keir.