A $300,000,000 Market Cap is in no way too high. If this were Ethereum or DOGE, maybe $300,000,000 would be too high at this point, but STEEM offers a new way for people to get coins. This down trend is happening because registration is cut off. So anyone that wasn't on Steemit yet but who had mined some STEEM or bought some STEEM only has 1 option as to what to do with that STEEM. Trade it. And on top of that, there are people cashing out still from the initial rise itself that brought STEEM over $1. Once all of the early early adopters cash out what they want to cash out, and then again when the STEEM registration opens back up, the price will go higher than before.
Because now that the registration is invite only, when it opens wide up again, there is going to be a stampede. Because not only will there be people who are waiting for it to open, but a lot of people who are on Steemit now are going to be trying harder to get their friends to make accounts in case registration closes again, so Facebook and Twitter are going to be full of Steemit discussion (compared to before). And it will result in a stampede. And there was already a stampede, that is why they had to close registration, but there is going to be an even bigger one when they open it back up.
And when everyone is rushing to get a Steemit account, everyone that sits in the exchange website troll boxes and chat rooms all day are going to start buying STEEM. And so are random investors, etc. STEEM is set to go way way way higher.
For example, it's still summer. So there are tons of people on vacation, or taking care of their kids, and they can't even spend time on Social Media or messing with coins during the Summer. But when their kids are in school all day, they will all be on here. Then when Christmas kids, all the College Students and all the Highschool kids are going to buy their friends STEEM if they talk about STEEM all the time. And people will get Christmas money and spend it on STEEM. STEEM literally just got started July 4th, regardless of how long the coin has been around. And you can't compare it to any other currencies rise, because no other currency had the potential to reach masses of people like this.
Just as 1 example. When a company like Vevo comes on here, and starts posting all the new 2Chainz and Taylor Swift videos the day they come out, they are going to boost the value of the platform tremendously. One of those companies just needs to be petitioned by Steemit users, and bothered on Twitter by Steemit users. And that is just one example, there are an infinite number of industries that could come to Steemit and make it more valuable, and hardly any of them have gotten here yet.
very nice. agreed!