As much of the market was fixed on Bitcoin (BTC)’s sudden price correction this past weekend, retail interest in digital assets appears to be rising, according to the latest statistics from Reddit.
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 soared by 400% during that period, bringing its annual returns to a striking 5,000%.
DOGE’s parabolic rally moderated over the weekend, with social media data from The TIE and Cointelegraph indicating more pain in the short term. This is because price action is often associated with engagement on social media; a decrease in the latter is sometimes a precursor to bearish price action in the short term.
Meanwhile, the r / CryptoCurrency community, dedicated to all digital assets, added 86,838 new subscribers during the week. New community members were welcomed on Sunday by the mirina1h recipient of the platinum award. In a subreddit message, miraza1h said:
‘The past week has been insane in the crypto world, and things were obviously not as usual. Your curious posts / comments may have been ignored. At the weekend things are a bit colder, so feel free to ask anything you want.
The user also introduced new subreddit followers to Moon, the original sign of the r / CryptoCurrency community.
Like DOGE, the overall cryptocurrency market slumped in the Sunday session, with a cumulative value of $ 386 billion, according to CoinMarketCap. The market capitalization for digital assets fell just below $ 1.9 billion before recovering to around $ 2 billion.
Massive outages are nothing new for experienced investors in cryptocurrency. Even during bull markets, declines of 20% or more are fairly common, especially after large rallies. Speculation about a sudden decline in Bitcoin’s hash power and the possibility of US regulatory action against crypto-friendly banks may have contributed to the decline on Sunday.
Even with the latest turnaround, the cryptocurrency market is still double the size it was in January when it exceeded the $ 1 trillion milestone for the first time.