Yes, the value of STEEM did play a role, to be sure. The more Steem Power we would earn teh more the value would drop. It did play a part, but also until abit and smooth started trying to reduce the whale influence, it never moved up. The mega accounts ran the show for a long time, and they were the only hope for users (newer or older) to really ever get paid. It is a much better ecosystem for newer users at the moment.
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