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The Gfycat service is being discontinued. Please save or delete your Gfycat content by visiting https://www.gfycat.com and logging in to your account. After September 1, 2023, all Gfycat content and data will be deleted from gfycat.com
The current wave seems more severe due to centralization and coincidence.
Twitter, Reddit, Imgur, Gfycat and a bunch of others seem to all crash themselves practically over night - and the same night at that. And due to centralization/monopolies, that means a significant chunk of the respective niches are gone without a clear replacement. And especially reddit was a niche aggregator.