The steem token is a hyperinflatory token, so don't expect it to go any way except down, down, down. For holders of steem power, that doesn't matter though - what matters is the market cap, and I do expect it to grow. When I look at Steem at coinmarketcap.com, I don't care at all about the Steem value - only the market cap.

The reason for the latest price spike was the announcement that there will be a hardfork changing the economics so that the steem token won't be that hyperinflatory anymore. The market believes it's a good idea (and I also think so). After this hardfork, the steem value will probably stay more stable.

Still, don't expect it to go to the moon - after all, steem purchasers still have to support the content production.