How much is SBD's really worth? Will SBD Rise Again?

Steem Dollar-SBD is constantly declining. From bull run to its all-time high of that time 14.8$ on December 2017, it has lost 87% of its value. (Highest Value Till Now is 1SBD=22USD on May 18,2017)

Steem Dollars(SBD) price for today is $1.8389. It has a current circulating supply of 14.2 Million coins and a total volume exchanged of $2,306,261(as reported by https://www.coingecko.com)

screenshot from coinmarketcap.com

How much is SBD's really worth?

According to Steemit official exchange, SBD is pegged with US Dollar in equal ratio. i.e 1SBD= 1USD.
If So, Why is it's valued More in Outer Exchange? Can Someone Help me understand this?

Value Drop was seen before too

Just a quick search in steemit archives I found that SBD Price had fallen sharply within few days period on June 2017. It was posted by @hengary on his post here https://steemit.com/cryptocurrency/@hengary/steem-dollar-sbd-why-is-it-going-down-so-much-will-it-rise-again

Also, by reading a reply by @blakadder

Considering the HF19 created a serious drop in posts, 4th of July weekend and people spotting big flaws in the voting system its no wonder its dropping

It seems there was a bug in the voting system due to which SBD price Dropped. ( I had not joined Steemit back then

Current Drop was Previously Predicted

5 months before @jbn wrote a post and claimed SBD will drop to its real value i.e 1SBD=1USD and also suggested SBD be dropped from STEEMIT. You can read his post here, https://steemit.com/utopian-io/@jbn/why-sbd-should-be-dropped-from-steemit-platform

Will SBD Rise Again?

There are many steemians like me who don't understand the technical aspect of Steemit. I tried to search various sub-reddit, quora to find how this SBD market exchange works but no luck. It would be great if someone helped people like us to understand this.
Will SBD Rise? of Just stay at the pegged value of 1 USD? And Why it is falling rapidly?

From Basic economy aspect if supply is greater than demand there is fall of price and vice-versa. But, What is equilibrium point for SBD if it is constantly being Created and Destroyed?

I know SBD will be Destroyed when we convert it to STEEM.

Steem Community can you help me Understand this? I've been scratching my head since last few days