Do you think that a majority of traders who are buying/selling on Bittrex and the other platforms are actually going and checking out the products behind the coins they buy?
This sentence made a little light bulb come on so I hope it makes sense when I explain it @timcliff. I agree with the statement above because most investors (average Joe's) in the crypto world don't have the tech background to begin to understand the purpose of the projects behind a coin. Why would they be motivated to do research on something they assume they can't grasp?
Now what kind of project would those same average Joe's understand very well because it has dominated their lives the past decade or more? A social media product. While it may be difficult for the average Joe to understand if Golem or some other project is working as designed it is very clear to most investors that Steemit a "social media platform alternative" is not hitting its mark. That mark is very recognizable to investors because they have lived in that space for years interacting with successful social platforms such as Facebook, Instagram, and Twitter.
Investors take a look and don't like what they see because they know from experience what success looks like for a social platform. Well I hope that came across clear enough.