I think you're the fourth or fifth wave actually, there were a lot of smaller waves before the current reddit migration. The reddit migration also probably had two waves
- when the api changes first went viral
- when third party apps actually shut down
though #2 may not have increased accounts by much.
Lemmy is actually retaining users at a much higher percentage than the average social media site, it’s just that we haven’t gotten enough people to give it a try yet.
The slight difficulty in joining probably helps with this. You have to actually commit a little to join