The numbers back the idea that minnows are not participating (best case) or just abandoning Steemit (worst case). I did an article about the churn metric and gave two solutions about how to fix it https://steemit.com/steemit/@lpfaust/an-open-letter-to-the-steemit-powers-that-be
In terms of the price of STEEM, @hisnameisollie had an awesome analysis you should check out https://steemit.com/steem-help/@hisnameisolllie/the-push-and-pull-effect-of-steem-power-incentives-why-the-of-steem-held-in-steem-power-will-tend-to-90-overtime
The minnows are participating, for about a week then they leave because they see the whales only upvote a select few and it is a waste of their time to try to become a favorite of a whale. They also leave because of the flagging.
The minnows are leaving and fast. People want a social network to be social, not to have some jackass flagging every post they make because of spelling and grammer.
The reason people are leaving is because of the social network aspect of it all is lacking.
I called the death of steemit over a week ago and said to cash out. I said why it would die. It is all coming true. it is your choice to see what is happening around you. accept it or don't, wont change reality.