With much of the market fixated on the sudden Bitcoin (BTC) price correction over the weekend, retail interest in digital assets appears to be on the rise, according to Reddit’s latest statistics.
The r / dogecoin community has added 145,859 weekly subscribers, according to Subreddit Stats. The gains are not surprising given DOGE’s dramatic rally last week. The meme-based cryptocurrency skyrocketed by 400% during that period, bringing the annual return to a dazzling 5,000%.
DOGE’s parabolic rally moderated over the weekend, with social media sentiment data from The TIE and Cointelegraph indicating more pain in the short term. That’s because price action is often correlated with social media engagement; a decline of the latter is sometimes a harbinger of short term bearish price action.
Meanwhile, the r / CryptoCurrency community, dedicated to all things digital assets, added 86,838 new subscribers over the week. New members of the community were welcomed on Sunday by the winner of the platinum award “mirza1h”. In a subreddit post, miraza1h said:
“Last week was insane in the crypto world, so obviously things here weren’t as they normally are. Your curious posts / comments may have been a bit ignored. At the weekend it is a bit cooler, so feel free to ask what you want.
The user has also introduced new subreddit followers to Moon, the native token of the r / CryptoCurrency community.
As with DOGE, the overall cryptocurrency market lagged behind Sunday’s session, after a total decline of $ 386 billion, according to CoinMarketCap. Digital asset market capitalization briefly fell below $ 1.9 trillion before rebounding to around $ 2 trillion.
Massive shakeouts are nothing new to seasoned cryptocurrency investors. Even during bull markets, declines of 20% or more are quite common, especially after major rallies. Speculation about an abrupt 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 decline, the cryptocurrency market is still double the size it was in January when it first crossed the $ 1 trillion milestone.