I have been writing about this issue for more than a year since Steem days. But those whales who are in a position to grab most of the coins from inflation and also control the witnesses - do not want to reduce the inflation. It is same as FED and interested parties do not want to reduce $ printing.
Unless inflation is reduced to 2-3% - we will not see sustained price appreciation. Below is link to my posts
https://hive.blog/hive-145742/@prameshtyagi/hive-annualized-inflation-continues-to-hover-around-20
https://hive.blog/hive-145742/@prameshtyagi/hive-annualized-inflation
https://steemit.com/actnearn/@prameshtyagi/steem-inflation-profile-explains-its-price-performance
https://steemit.com/prameshtyagi/@prameshtyagi/inflationatoolforefficientcreationandeffectiveredistributionofwealth-c4kzisy5xo
Since whales have the most to loose its in their interest to keep the value of the coin. Higher inflation is usually considered anti-whale, since it make it possible for others to obtain coins, without buying.
Also as mentioned in the post above, inflation is only one side of the story. You need buying pressure for the coin, to maintain its value.