The obsession with STEEM's value in Dollars remains an unhealthy diversion from how the blockchain really works. The FOMO and FUD as the market price rises and falls is predictable; yes, we all wish to see our STEEM holdings rise in value, but that does not always mean an increase in earnings.
This is a good point; the value of STEEM shifts the earnings curve over, it doesn't actually change the curve's arc or direction.