Yes and there is only 34 or so million Steem available on exchanges with often less than $1 million dollars a day in total volume. Even consistently buying slow over time would raise the price a lot just buying $10,000 or $50,000 a day for many days in a row. $10 million into Steem in a short period of time would also attract attention from other traders seeing the up trend and wanting to join on in a pump and dump as happened when Steem was released.