Reddit Bitcoin, Ethereum Subscriber Count Hits Record Peak.
Record growth hits Reddit's crypto communities amid lawsuits against major exchanges.
Last week saw record growth in subscribers for Reddit's top crypto communities, r/Bitcoin and r/Ethereum. During the week of June 4 to 11, r/Bitcoin and r/Ethereum saw an influx of over 364,000 and 461,000 new followers respectively. This coincided with major crypto exchanges, Binance and Coinbase, facing legal action from the U.S. Securities and Exchange Commission. Other crypto-related subReddits like r/EthTrader and r/Cryptocurrency also saw increased subscription, as per data from The Block.
This spike pushed the total subscribers in r/Bitcoin past 5 million, and r/Ethereum over 2 million.
Bitcoin and ether, the two largest cryptocurrencies unaffected by SEC's lawsuits, maintained relative price stability compared to other tokens.
In a recent development, several crypto subReddits, including r/Bitcoin and r/Ethereum, temporarily went private to oppose the site's new API pricing terms. The protest followed after Apollo app developer, Christian Selig, stated his plan to discontinue his business due to Reddit's costly proposed pricing changes.
