This was certainly the case with most other crypto-assets, but Steem may be different. The vast majority of Steem was premined and is being held by a few developers, and the liquidity that is in the wild is heavily incentivized to hold via Steem Power. The recent hack should have triggered a massive sell-off but it was barely a blip, and is now recovering quite nicely. Steem could be a completely different breed of crypto and surprise us all.
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Agree 100 % on $10 Steem: https://steemit.com/money/@johnsmith/steem-price-speculation-mega-thread