Anyone paying $8 for a token thats only utility is to be converted into $1 is a scammer or a fool.
Some people paid (and are paying) even more for it. Steem Dollars (SBD) was above $10 USD multiple times in the previous 90 days.
Its current all time high was $22.34 USD on 2017.05.17.
The real reason for the much more value than $1 USD in the long term could be the fact that many people do not understand or they simply do not know the function of it.
Just like @geekgirl said:
SBD has been above $3 for four months now and above $5 for couple of month.