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The no. of vistiors and daily traffic on social media websites like Facebook, Twitter and linkedIn are increasing day by day. People are spending there maximum time in internet on these sites. And all this can leads to decrease in traffic of blogs.
Moreover to write Blog is not easy task and reduction in vistiors is more fustrating. What do you think will social media effect the blogging ?
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I don't think it's really effecting it. Actually there are more people into bloggin than there were before. One can also use social networking sites to spread the word of their blogs and bring in readers.
And people like me, who're always online, tend to get bored of those sites and read blogs instead :P
Hey Guys, I'm agree with you, but one thing i want to say, we are saying all these because we are blogger. We know blogs, but its not necessary that our reader or visitor is blogger. In social media he has more options than eariler.
To write great or outstanding content is not eaisy task, a person who is in Facebook, Twitter he has lots of more option. If your blog is about technology he alredy following Technorati, Ted, Mashable and lots of good websites and blogs there.
So ultimately it reduce your blogging effort. Study had shown in 8-10 second a visitor decide whether he has to stay in website or Blog not. Is it fair with a blogger.
Task is more harder for new blogger, beacuse you are writing a blog by your heart and no visitors and not single comment, it hurts...! 
I think SNS are a source of getting new readers and making ur blog popular. I mean, majority of the people go to a SNS just to socialize and check out whats happening in their circle., But blogs have gradually emerged as a source of information, they act as tutorials and answer the basic questions of readers starting with how, when, what etc.
wrt to techie bloggers i feel that there are too many apples in a single basket. I am not a techie blogger, but whenevr i search for blogs for some tips related to blogging and SEO, its generally the same blogs which show up in the search results and most of the times, they solve the purpose also. So i think that its quite difficult for the new tech-bloggers to make their presence felt.