Yes. About 600K SBD was printed after HF20. If you subtract that out, the supply of SBD is still too high.

When it comes down to it, Steem just can't handle 95% price declines without things starting to break and SBD won't be the only thing to break either. Development projects will find their budgets strained, exchanges will avoid listing Steem and some may even consider dropping it, nodes will start to shut down further centralizing the whole network around Steemit Inc, etc.

We need to get our act together when it comes to communicating Steem's value to the market. Otherwise SBD will be the least of our problems.