Well, in my uneducated opinion, I didn't expect it to go as high as it did. Money is flowing in, and the market cap went more than tenfold. That's more than is likely from just a whale's pump and dump, so I would guess that a majority of the money coming in is because people actually believe in it.
The price went high and now it's coming down of course, and that's not unusual for such a huge burst. Maybe the Steem price will settle in the $1-$2 range after some take their gains.
Definitely a bit calmer today, but hovering around the 3 dollar range, which is where I bought my STEEM yesterday. The rise to $5 and back to $2.22 all happened as I slept last night!
Edge of the seat kinda stuff!