Just my guess and don't quote me on this, when the fork happened, it also eliminated a lot of players just playing with the liquidity prices but not necessarily into the idea of staking their tokens. These players had more money to play around with and these influenced the prices more than smaller stake holders regularly dumping their tokens for fiat.
It's no surprised that a lot of the traffic the platform has comes from developing countries. These users need the tokens as a means to survive and I can't blame people that just want to dump their tokens because it's a survival motivated reason rather than choosing to exchange their tokens for other tokens. But like inflation, they do contribute to the problem of why the price keep sinking due to the selling pressure.
Thinking of this place as an investment starts from the individual level mindset. If you think this place has a future or believe in its future, don't contribute to the things that devalues it. Don't sell, reinvest, stake or move funds to fund other projects built on top of the blockchain. Then level one's expectations that capital appreciation may or may not happen anytime soon. We may have forked but that doesn't mean the same users have changed their personalities along with the fork.
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I’m sure there were some people like that, and there were also a few really corrupt whales who took their funds elsewhere, a few who got tired and most of the Koreans who stuck with steem cause they don’t really care about fundamentals, they just wanted someone to pump the coin. And our user base is less than 10% of what steemit probably was in 2018. And there is something like twice as much hive in existence as steem in 2018
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