Dogecoin, CryptoCurrency Reddit communities surge as crypto euphoria heats up

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The subreddits for Dogecoin and CryptoCurrency added a combined 232,697 subscribers last week, far outpacing the growth of all other communities.

With much of the market fixated on Bitcoin’s (bit-cointalk.com/bitcoin-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/bitcoin-price-index/amp”>BTC) sudden price correction over the weekend, retail interest in digital assets appears to be on the rise, 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 skyrocketed 400% during that period, bringing its bit-cointalk.com/news/dogecoin-doubles-in-a-day-as-ytd-gains-hit-5-000-while-bitcoin-price-dips” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/dogecoin-doubles-in-a-day-as-ytd-gains-hit-5-000-while-bitcoin-price-dips/amp”>yearly returns to an eye-watering 5,000%.

DOGE’s parabolic rally bit-cointalk.com/news/after-a-remarkable-run-social-media-sentiment-sours-on-doge” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/after-a-remarkable-run-social-media-sentiment-sours-on-doge/amp”>moderated over the weekend, with bit-cointalk.com/?via=markets&_ga=2.228214171.762103029.1618147569-68533732.1612103760″>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 in the latter is sometimes a precursor to bearish price action in the near term. 

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 bit-cointalk.com/news/redittor-memes-his-way-to-25k-in-bitcoin-profits” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/redittor-memes-his-way-to-25k-in-bitcoin-profits/amp”>native token of the r/CryptoCurrency community.

Much like DOGE, the overall bit-cointalk.com/news/bitcoin-price-drops-to-52k-liquidating-almost-10b” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/bitcoin-price-drops-to-52k-liquidating-almost-10b/amp”>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.

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 bit-cointalk.com/news/peak-fear-bitcoin-funding-rates-crash-to-lowest-levels-in-7-months” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/peak-fear-bitcoin-funding-rates-crash-to-lowest-levels-in-7-months/amp”>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.

Even with the latest reversal, the cryptocurrency market is still bit-cointalk.com/news/crypto-market-cap-breaks-1-trillion-following-jaw-dropping-rally” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/crypto-market-cap-breaks-1-trillion-following-jaw-dropping-rally/amp”>double the size it was in January when it first crossed the $1 trillion milestone.