That is referring to strictly a dollar perspective.
As STEEM heads higher, it takes more money to buy in at certain levels. At $1, one can become a dolphin for $5K....at $100, it takes $500K....there are going to be a lot less people buying in AND powering up at the second level.
There might be large investors who buy STEEM yet they are not likely to be bloggers...possible but not likely. Thus they will keep their STEEM as is.