Retail interest in digital assets appears to be on rise, according to the current statistics from Reddit, with much of the market fixated on Bitcoin’s (BTC) sudden price correction over the weekend.
According to the Subreddit Stats, the r/dogecoin community added 145,859 weekly subscribers, however, given DOGE’s dramatic rally over the past week, the gains are hardly suprising. Bringing its yearly returns to an eye watering 5,000%, Dogecoin skyrocketed 400% during the period.
Also, with the social media sentiment data from TIE and Coitelegraphh indicating more pain in the short term, DOGE’s parabolic rally moderated over the weekend. A decline in the latter is sometimes a precursor to bearish price action in the near time and the aforementioned is caused because, price action is often correlated with social media engagement.
.Meanwhile, the r/CryptoCurrency community, which is devoted to all things digital assets, added 86,838 new subscribers during the week. New community members were welcomed by platinum award recipient “mirza1h” on Sunday. In a subreddit post, 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 user also introduced new subreddit followers to Moon, the native token of the r/CryptoCurrency community.
Much like DOGE, the overall cryptocurrency market limped into Sunday’s session, having declined by a cumulative $386 billion, according to CoinMarketCap. The digital-asset market cap briefly fell below $1.9 trillion before recovering to around $2 trillion.