Yes, it obviously can. I speak from experience when I say that things, both "real" and digital, can literally go to zero.
Edit to add
...and that's precisely where I see this heading in the next few years - $0.000000000000000001 per 1 Steem (and that one is there for the few idiots who decide to keep trading a worthless corpse of a crypto back and forth among themselves).
RE: Happy to talk to community