The subreddits for Dogecoin and CryptoCurrency added a combined 232,697 subscribers last week

The majority of the cryptocurrency market is getting a big correction over the weekend as Bitcoin price suddenly plummeted to the $ 52,000 – $ 53,000 zone. However, this market crash did not leave many negative consequences because, it seems that people are more and more believe in the crypto market and all think that after each increase, the market needs a period of correction. Furthermore, according to statistics from Reddit, retail interest in cryptocurrencies and Dogecoin appears to be on the rise.

The subreddits for Dogecoin and CryptoCurrency added a combined 232,697 subscribers last week

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

In particular, the r / Dogecoin community has 145,859 new weekly subscribers. The increase is hardly surprising given the impressive DOGE rally in the past week. Dogecoin price has soared 400% in that period, bringing its annual profit to 5,000%.

DOGE’s parabolic rally corrected for the weekend. That’s because price action is often correlated with social engagement; The latter slump is sometimes a harbinger of short-term downside price action.

Meanwhile, the r / CryptoCurrency community, a community for all things digital assets, added 86,838 new subscribers for the week. Like DOGE, the cryptocurrency market saw a lot of volatility during Sunday trading, having dropped a cumulative $ 386 billion. The digital asset market cap has briefly dipped below $ 1.9 trillion before rebounding to around $ 2 trillion.

Big shakes are nothing new for seasoned crypto investors. Even in bullish markets, a decline of 20% or more is quite common, especially after major rallies. Speculation about the sudden drop in Bitcoin’s hash power and the ability to act under US regulations against crypto-friendly banks may have contributed to Sunday’s decline.

Even with the latest reversal, the crypto market is still twice the size of what it was in January when it crossed the $ 1 trillion mark for the first time.

You can see the BTC price here.

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