Has Blogging Peaked?

Although my archive may state i began this blog in January 2007, i actually began blogging in 2001 before dancing around a few formats and landing here eight  years ago and in the past 14 or so years i have seen many of my fellow bloggers come and go.
Some have been scared off by commenter's abuse (some deserved i hasten to add), others have just run out of steam and even more never had much steam to start with and fell off the blogging wagon pretty soon after starting up.   
What i have noticed is the dearth of bloggers now compared to its heyday which seemed to be around the 2004-2008 years when it seemed everyone had a blog.
The question must be then have we hit the peak of blogging and it might appear that way according to a Pew Internet Report which finds that blogging by the under 25's has fallen by half since 2006 and blogging overall has seen a modest decline.
Technorati currently states it is tracking over 112.8 million blogs, down from the 160 million high in 2007 although it doesn't say how many just have one post or were abandoned to slowly die of neglect years ago.
The development of social network sites such as Facebook and Twitter have had obvious consequences for Blogging especially among the under 25's who can now sum up their feelings in 140 character's or less instead of having to write a 500 word post with paragraphs and correctly constructed sentences lest they enrage the grammar Nazi's that love to point out that you should never end a sentence with a preposition.
What the report does show is that as the under 25's are abandoning the likes of Blogger and Wordpress, the popularity of blogging has increased amongst the older generations.
Considerign all that, blogging may not be dying after all then, merely changing to become the chosen platform for anyone born pre-1990 while the youngsters head towards other, less time consuming platforms.
Those of us still blogging in the time honoured tradition may be fewer then, but what we have to say has to be written at length and that can only be a good thing, pithy sarcastic comments have their place but sometimes a viewpoint needs to be explained in full and worked through.  
The only problem i have is making the effort to find decent bloggers to read because bloggers do seem to have a certain blogging life span, even amongst those of us who have been typing away undeterred since the first Harry Potter Film.
It should also be noted that being older doesn't necessarily mean we are not adverse to sometimes writing tripe and ending our sentences on a preposition and that isn't something we should ever end a post with.