The number of cryptocurrency subscribers on Reddit just surpassed the 1,000,000 mark.
Since Bitcoin’s early days, Reddit has been a popular forum for cryptocurrency enthusiasts to share opinions on topics as varied as Bitcoin’s halving to the impact of government debt on Bitcoin’s price to investment strategies.
With 3,700 subscribers online at time of writing, it is unclear how many followers remain active on the r/Cryptocurrency subreddit or how many disappeared once the speculative mania of 2017 subsided. Writes subscriber Qwahzi,
“[Vast] majority of the sub’s growth happened during the last bull market frenzy (late 2017, early 2018). Once the money disappeared, so did the interest.”
Google Trends shows a flatline for the search term “cryptocurrency”, with the wave of interest that erupted around the time of Bitcoin’s last big bull run at the end of 2017 vanishing quickly. Commenting on the one-million milestone, several subscribers confirm that activity on the subreddit is “worse than ever.”
“Just look at the daily threads the last while, it’s ghost town right now. The stock market is more volatile than crypto right now ffs… Strange times. I just keep holding and checking in now and then.”
With over 2,000 cryptocurrencies in existence, Reddit subscribers also bemoan “crypto tribalism” as a main issue on the forum that prevents commentators from dialing in support for specific coins.
TonBerryHS writes,
“It’s memes, tribalism and fiat hate all the way down!”
Despite the market downturn, Reddit remains one of the leading social media hubs for enthusiasts in the industry, with leading coins drawing large fan bases. The Ethereum subreddit, whose subscribers are dubbed ‘builders’, has amassed 458,000 followers. Ripple’s subreddit has 212,000. Smaller coins and emerging blockchain projects are also able to target the crypto curious by building Reddit communities.
Bitcoin remains the most popular crypto community with 1.4 million followers.
Reddit, the 19th largest website worldwide and the seventh largest in the US, according to web tracker Alexa, is currently testing a system that would incorporate Ethereum to reward upvoted community comments with points.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Wit Olszewski
