If whales are powering down and selling why on earth would you want to buy ? Smart people are selling, you should not be buying. Also the price raised 20 fold in a parabolic move, there is a big chance that the price goes back to where it was as a consolidation before anything else happens. We can expect the price to move back to 25 cts this year. So actually, there is no good reason to buy now, unless you believe the price is going to remain high, but that won't happen with all the whales selling and the inflation that we have at this moment.
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This is not a traditional altcoin because you have like 97-98% of steem locked up. There is no liquidity and thus the price and marketcap are determined by the 2-3% of floating STEEM. It's not like you can dump tons of it.
You don't need tons of it, the volume is only 250K USD per day, that's really nothing.
You need a lot of buyers to buy the coins of the whales that are powering down.
Also, once the users will realize that their steem power has no use apart from curation rewards that are very low, they won't buy any more steem power at all. Because you are not earning tons of money with steem power like everyone thinks, you are just fighting the inflation, and not all of it by the way.
The more coins are created the more steem prices should go down. A bubble started when the site started to take off creating an illusion that the prices would go higher with new users when in fact the prices should go lower. Because more users = more inflation, more coins created for the new users.
The only thing that could take the price of steem to new highs is buying pressure. Why would anyone buy steem ? The only use is to power up. You can fight inflation by staying out of the market, so the only real reason is curation rewards.