There is likely a lot of smart money capital on the sidelines that is still evaluating the crypto market. I think what is likely to happen is that the scrutiny of development teams and their various projects will grow over time - investors/traders are moving past the blindly speculative period of throwing money around haphazardly and instead towards expecting demonstrable results. As you noted, drawdowns are to be expected; the cryptocurrency projects that will likely get hit the hardest are the ones that are perceived to be full of empty promises.

Hype will always exist but long term sustainable value will not be upheld if projects do not deliver. Hence my view that unless Steemit Inc rolls out tangible previews of what it is talking about when it comes to Smart Media Tokens, it will lag behind other more transparent and communicative projects. For e.g., in their recent thread entitled "Smart Media Tokens Development", the CEO invited questions from users in the comments section and to date many remain unanswered, such as one I asked about the SMT creation fee. I'm not the CEO of this place but it just might make sense to have Steemit Inc staff members checking that thread every day and addressing questions if one openly asks for them from the community. The ambivalence is evident, to say the least.