Very interesting. Thank you for your research.
The numbers show Steem is still a very small player in the field and the potential is huge. On the other hand, based on the visitor numbers and the market cap one could also conclude the price of Steem is overvalued at the moment. A lot of expectation is priced in.
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I think the first investment in Medium was around $30 mils as well and without too much confirmation on technology or adoption. I don't think Steemit is overvalued, I think the price is fair now and, given enough adoption and organic growth it can go easily to half a dollar by the end of the year (please don't trade using my opinion :) ).
'A lot of expectation is priced in.' This is the most sound comment here. The valuation of steem can only be based upon steemit as this is the only current outlet where the currency has any application. The fact that less than 400 accounts hold 90% is an important situation. No equity would get through an IPO (were there such a thing) on such a stat.
Stickability of subscribers is a critical stat in Social Media as well - I would have to endorse your assessment that the valuation on current pricing is inflated.