Unlikely, the steem blockchain is one of the few that has real usage. It's a matter of creating more use cases and/or onboarding businesses that create demand for the underlying token. As long as there is a dedicated user base and the witness nodes keep running steem will survive.

Personally I think that we are in a similar situation to the one at the end of 2016 and the start of 2017 where a lot of people that wanted to exit crashed the price to 7 cents.

Once all the week hands sell there holdings we probably will see some stabillity and the price will start to pick up.