The crypto community is growing – Reddit sub-forums are attracting many newcomers
The Dogecoin and CryptoCurrency subreddits have gained nearly 250,000 new subscribers this week alone.
During Bitcoin’s sudden downturn (BTC) causes a stir this Sunday, there is also good news at the weekend, because in the influential social network Reddit the interest in cryptocurrencies is greater than ever.
According to the data from Subreddit stats the r / dogecoin sub-forum alone, which is related to the “joke cryptocurrency”, recently gained 145,859 new subscribers. This significant increase in the number of Forists comes as no surprise, because the DOGE was able to do a rapid climb over the week that led to the Dogecoin rate 400% up catapulted and set a new record high. The previous annual profit has risen to a hefty 5,000%.
However, the mood around the “dog” is slowly changing again, which is also evident from the Data from The TIE and Cointelegraph can be read. Since a “meme crypto currency” like the DOGE is heavily dependent on hype, the deteriorating mood in the social networks suggests that the price will probably go down again for the time being.
The all-encompassing Reddit forum for cryptocurrencies called r / CryptoCurrency generated 86,838 new subscribers in the same period. The newcomers were welcomed with open arms by the dedicated forist “mirza1h”, and he was there to help indicatesthat there is currently “no normal situation”:
“Last week was a wild ride for the crypto community, which is why things are not normal here at the moment. Your curious questions and comments may be ignored at first, but the situation will soon calm down, so just ask. “
Similar to Bitcoin and the DOGE, the entire crypto market also went down on Sunday. Total market cap fell $ 386 billion, according to CoinMarketCap, which was still worth $ 2 trillion at press time. US dollar results.
Abrupt and violent downturns are not new territory for experienced crypto investors. Even during record runs, drops of 20% are not uncommon, especially after strong upswings, these are hardly surprising. The trigger for today’s crash is probably one Bitcoin’s hashrate slump, i.e. the available computing power of the blockchain network, which is probably due to the fact that a nationwide power failure in China took many miners off the grid, and on the other hand, a Rumor spread, after which the American authorities are allegedly planning a strike against financial institutions that work with cryptocurrencies.
Despite these current “bad news”, the crypto market is current twice as big like in January when the market capitalization of 1 trillion. US dollars could be cracked and was still celebrated as a major milestone.