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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The number of users are just stabilising. This is expected after a sudden spike in users.
How much is Threads down in DAU?
I think a better comparison would be mastodon after the twitter acquisition, but I would agree everything always has a huge surge at first and then there is a drop.