It's not the end of Steem. It's the beginning of Steem depression.

I only kid.

I think what we're experiencing is the consequence of a market bubble that has recently burst and it may take some time before we settle on a new trend towards price discovery.

If you'll refer to the above image, it appears that we are well into the blow off phase of the bubble. You'll no doubt find many parallels between it and the below image of Steem's price history (posted from Bittrex:

It looks like we might be in the despair mode of the bubble cycle. Return to the mean comes next