SBD peg is dead

So, SBD is worth 54 cents now. Here's an undoctored screenshot from coinmarketcap.

SBD / Steem Dollars are expected to be pegged to the USD. But the mechanism that ensures this peg is broken. I remember when people were championing the 12$ SBD price pump during the upbit listing. That happened because SBD peg was broken.

Now SBD is worth 54 cents. This happened again in the opposite direction because SBD peg is broken. The system that is supposed to keep SBD worth 1$ doesn't work when there is high sell pressure or buy pressure.

We have seen this work out in the positive more than once before the current dump when SBD mooned a few months ago. But people were very happy instead of being concerned. Now it is playing out in the negative.

Steem's largest whales such as @freedom are cashing out a lot of SBD. This is putting pressure on the price the peg isn't designed to sustain. Hence, it is falling apart like a house of cards.