I agree its certainly possible that we see a $5 million market cap. In either case Splinterlands growth has been nothing short of amazing.
You're correct to say that those upvoting from Splintertalk.io (who have SPT staked) will award SPT tokens but the upvote doesn't need to come directly from the SPT site. If someone has SPT staked and upvotes content that contains the SPT tag it will still award SPT tokens to the author of said content regardless of what font end the user upvoted from.