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RE: Shouldn't Steem be Going Up in Value?
It is because lots of the heavy hitters have been cashing out. It doesn't matter if they cash out in steem dollars - it is linked to steem, so if the steem dollar price goes down, it drags down the steem price.
Yes not many of these big new posters are converting Steem dollars to Steem power. Perhaps if the internal market was not always overpriced.