I think a big problem is Steemit Inc selling their stake in order to stay solvent which is creating a vicious circle. I do think Steem Engine and tokens are not really the reason behind the drop. I mean look at the volume of all those tokens. Very very low.

Also it's hard attracting new users. Even harder to keep them.
I do hope when the bull run starts, alts like Steem wont get left behind.