That’s true, but also bear in mind most of reddit’s active monthly users are barely interacting with the site (e.g., through clicking in off a search result, or following a link).

The average user engagement per day is in the single digit minutes, and the average post / comment count per day is <1… I know I used reddit a lot more than that.

So as the numbers drop further in July, consider that the share of highly engaged, highly active, content creating users has likely dropped by far more.