apparently the incentive to hold SP is strong. But once reached a certain SP level there is no incentive anymore and you start power down. I mean you already getting so much SP from just interest and your up votes worth hundreds of dollars. the incentive to stock more power it not there.
Also the flooding of STEEM to the market tells us that the price will go down. if I could short it I would. maybe it's good news for the Chinese whales coming they can power up with cheap STEEM and help eradicate the up trend in STEEM supply from other whales, thus helping keep the price steady.
Like the stated in the whitepaper, it's just replacing one long term holder with others.
Yeah it's a Ponzi, but a better one than the USD :)