Fans noticed that December marked the fifth consecutive month in which MultiVersus lost at least 37% of its total player base on Steam. At the end of November, the average player count in the game was 1,911, but at the time of writing, it had dropped to 1,206. That is still decent, but a downward trend is evident.
The main issue right now seems to be tied to a lack of new content. MultiVersus is doing its best to consistently release new characters, though the absence of a ranked mode and server issues likely contributed to the decline in player numbers. It seems MultiVersus is currently experiencing a bit of a lull, although there are rumors about the addition of characters such as the Joker.
It is worth remembering that MultiVersus is technically still in beta testing, as key features like guilds have not yet been introduced to the game.