Part of the problem is that steem has a higher inflation that just about all the top coins, some significantly higher. If demand stays constant, prices go down with inflation.
And I agree that if was a few days behind BTC it wouldn't be a big deal, but I think that is highly unlikely.
There is less of a reason to buy steem vs. other coins and it has a higher inflation rate than many ahead of it.
Building a couple nice games on here that use steem is a good start, but like you said, we need a lot more. We really need Inc to deliver something considering they have by far the most resources.