Both answers are "yes", but in different ways.
The most important "yes" is the drop in price. STEEM lost more than 50% in less than 3 weeks, it was trading at $2.4, now at $0.98.
The second most important "yes" is the one related to new accounts and the fact that these minnows are also participating in the reward pool. I don't have any calculations on that, so I can't give you a specific percentage, but I see it as insignificant, compared with the price drop. In time, the "minnow squeeze" will become a problem, though, if there aren't any adjustment made at the blockchain level.
P.S. If you're looking for enlightenment, I would dare to recommend meditation and compassion. Chances to get enlightened by a random answer on a blockchain-powered social media are ridiculously low.
Thank you for taking the time to enlighten me. I appreciate it.