I think you're falling for the correlation is causation trap. Please, please, please, be very careful about the information you share and the conclusions you come to without solid premises. Many people see pretty graphs and think, "Oh, I get it now! It all makes sense!" even though they are just being told a story. Unfortunately that can lead to actions which end up hurting people, even when the intentions are to help.
Comparing the initial spike in STEEM price to what is happening now is completely unjustified as the inflation model was entirely different as was the marketcap and the entire cryptocurrency environment, not to mention the initial pump that follows many new project launches.