I don't want to make it sound like the Lemmy situation is rosier than it is, but considering how sharply users dropped off, say, Threads... I think Lemmy is doing alright. There are a number of factors that might contribute to user counts dropping, but mostly it's unavoidable when you have a sharp uptick of anything. I think accounts and activity are going to flatten and then start trending back upward. If Reddit keeps fucking around, that'll definitely bring more people in and this cycle will repeat. I'm actually fairly pleased with how many people have been sticking around on Lemmy.