No it isn't. The price on coinmarketcap and some other sites is distorted by Upbit, which has a broken wallet. (Oddly, coinmarketcap has a warning icon next to Upbit's listing, but they still, incorrectly IMO, include it the average.) People are willing to sell SBD on Upbit for a lower price because it is the only way to get their money out of the exchange.

If you look at an exchange with a working wallet like Bittrex or the internal market on Steem it is about 65c, which is in line with where it has been for most of the last month.

@sbdpotato is ramping up as it collects rewards gradually so the effect should accelerate over time. If the SPS proposal is approved then it will likely work a lot faster.