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Last week, the Dogecoin and CryptoCurrency subreddits added a combined 232,697 users, far outpacing the development in all other groups.
With much of the industry focused on Bitcoin’s (BTC) unexpected price drop over the weekend, retail interest in crypto currencies continues to be on the rise, according to the most recent Reddit figures.
The r/dogecoin community added 145,859 weekly subscribers, according to Subreddit Stats. The gains are hardly surprising given DOGE’s dramatic rally over the past week. The meme-based cryptocurrency skyrocketed 400% during that period, bringing its yearly returns to an eye-watering 5,000%.
DOGE’s parabolic surge slowed over the weekend, with The TIE’s social media sentiment data signalling more suffering in the near term. This is due to the fact that market action is often associated with social media engagement; a fall in the latter may also be a precursor to bearish price action in the short term.
Meanwhile, the r/CryptoCurrency subreddit, which is dedicated to all things digital currencies, gained 86,838 new subscribers this week. On Sunday, platinum award winner “mirza1h” invited new members to the party. According to a subreddit article, miraza1h said:
“Past week has been insane in the crypto world, so naturally things here weren’t like they normally are. Your curious posts/comments may have been ignored a bit. In the weekend things are a bit more chill, so feel free to ask us anything you want.
The consumer also added new subreddit followers to Moon, the r/CryptoCurrency community’s native token.
The overall cryptocurrency industry, like DOGE, limped into Sunday’s session, having fallen by a total of $386 billion, according to CoinMarketCap. The market capitalisation of digital assets briefly plunged below $1.9 trillion before recovering to about $2 trillion.
Massive shakeouts are nothing new for seasoned cryptocurrency investors. Even during bull markets, declines of 20% or more are fairly common, especially after major rallies. Speculation about an abrupt decline in Bitcoin’s hash power and the possibility of U.S. regulatory action against crypto-friendly banks may have contributed to the decline on Sunday.
Despite the recent turnaround, the cryptocurrency industry is already more than twice the size it was in January, when it first surpassed the $1 trillion level.