Yes, it is likely - but:

• it states the intent of being pegged - which in this field of finance is a bit of a self fulfilling prophecy (the higher up it goes from $1, the stronger the psychological pullback force since more and more seller will see it as something to be shorted and those wanting to buy it will be less and less numerous)
• the big problem is on the downside, not on the upside - the two directions are not symmetric. The issue with crypto is with the seller of goods, who needs to accept crypto in exchange. For him, the fact that SBD has a risk of going up is actually a benefit, not an issue. He is especially concerned by the risk of it going much below $1 - this is what the SBD peg should protect him from. The upside risk is a problem for the payer (he might miss an opportunity) but if the upside is not that big (SBD can go to $2 when STEEM goes to $5 so why would he stay in SBD rather than in STEEM?) and is also infrequent and hard to predict, then it doesn't diminsh the willingness of the payer to use the SBD in order to pay.