Eh I just think it went up due to the news of SMTs and then the hype wore off when nothing was happening in the near future and dropped back down to "normal"levels.
Didn't help that all alts are bleeding right now as bitcoin surges either.
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Nothing has happened in terms of SMT adoption at the moment, but markets also like to look forward and price that future possibility in. I can't see why it should have dropped back down to these levels when the potential that has been opened up and will eventually come, is there. Should have a new floor a lot higher than $1.00 in my opinion.
I don't think the valuation should change until steem announces some partners that will be creating coins with the SMTs. Yes the possibility is there, but if no one adopts/uses it then it's just an idea.