That's one theory. Based on your reading of the charts, you have derived a theory on the value of Steem. My theory on why Steem is undervalued is because: 1. Most people are not even aware it is a protocol due to the success of steemit.com. 2. People do not yet understand how they can leverage an application-specific protocol without smart contracts to accomplish everything they need in a blockchain protocol and they require education. 3. All cryptocurrencies effectively move as a unit and the individual variations, whether in price or time, are illusory. 4. Eventually Steem's value proposition, which is already widely recognized, including by you, will be reflected in the price. 5. SMTs help people to see how Steem can add value to their enterprise and provide an opportunity to inject capital into the economy. But that's just my theory, like yours, I have no idea if its right. All of that being said, the witnesses are the ones to convince. Of course, I would support any proposal for which there is consensus among the community.