I mean, isn't this exactly what we would expect? Big influx of people when reddit does something unpopular and people want alternatives, then a decrease as the anger fades and people either decide they don't like Lemmy for some reason, or just settle down into their normal, less active amount of posting, stabilizing at a number of users lower than the peak but higher than before the influx. Assuming that Lemmy still is around the next time Reddit gets people mad, it'll happen again, just like how Mastodon gets an influx of new users whenever Twitter does something to upset it's userbase.
Fediverse
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If I could post images, there would be more content... I don't understand why I can't.
Oh no! Anyway...
Juuuust keeping the lights on.
I think we'll need a more polished, tuned, crisper product in order to actually retain a significant userbase of less techy sorts. Which is probably still some time away.
For better or for worse, though, I don't think the social media landscape is going to change too much in the foreseeable future.
But really, this isn't good enough. It's lacking the layer of polish that the mainstream public expects, it's basically still in alpha. Development takes time is all.
Looks like the rate of decline is slowing. I bet it starts trending the other direction soon.
I have to admit that I still go back to Reddit regularly. There‘s just (still) more interesting / engaging content and more interaction there. Although I would be happy to go „all in fediverse“.