Why Is SBD So High?

So over the past month I've been reading comments here and there about SBD prices.

Some are for it. And naturally, some are against it.

The main theory I've read as to why SBD is so high: whale manipulation to earn more on their posts

Regardless of your position on a high SBD, is there an objective reason as to why SBD's price is significantly over the $1.00 quoted stable price?

With SBD's constantly being printed, they are only removed from circulation when converted to STEEM. If not converted to STEEM, I don't understand the underlying value of having SBDs other than selling it for other tokens. I feel like I'm missing something here, so I gotta ask, why would anyone buy SBD as an investment opportunity?

Thanks so much everyone!