To be completely honest it does! But not in a way that you might think. Most Steemians stop posting when the price goes south but, that's when I kick my brain into a higher gear and start creating even more. Why? Becasue less people write then as they are demotivated by the decrease in earnings. With the reward pool having a fixed amount to give out every day, that means that my chances to earn are much higher as there is less competition.
Not only that, but even though when the price of STEEM is low we earn less money (dollar wise) we actually earn more STEEM tokens. Not to go into too much detail about why or how we actually get more STEEM when the price of it is low, I'll just give you the link of a post I wrote a while back which goes into explaining it in detail.