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Similar to Mastodon's spikes last year, it seems. Anyways, there is data to think about. Source
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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?
Their daily active users declined by 82 percent from its peak https://www.businessinsider.in/tech/news/threads-user-base-has-plummeted-more-than-80-metas-app-ended-july-with-just-8-million-daily-active-users-/articleshow/102435552.cms
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.