Similar to Mastodon's spikes last year, it seems. Anyways, there is data to think about. Source
this post was submitted on 06 Aug 2023
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And loads of people hear the buzz, try it out and leave when they grow bored. I think the reason for the downward spike not being worse is that the threshold to take part in Lemmy communities is higher than many social media sites, and invested time registering makes people more likely to stay.