... what do you think is the reason ...?

• Steemit, Inc. is selling STEEM.
• Some whales are exploiting the system, for example by using many mutually voting alt accounts - and then often sell the earned STEEM, too.
• Bot owners and gaming sites take a huge part of the daily reward pool.
• At the same time new users nearly don't receive any votes or comments from real humans. In additon they have to wait long for their accounts to get created, and then are lacking RC for communicating with other users.
• High inflation combined with comparable few users.
• Possible investors are observing all that and think twice before investing their money ...