It's not dying, the old school players just aren't active anymore. I've saw the same thing when I returned a month of two back, but now I've realized the community, even though the player count is low, is still just as active, involved, and friendly as before. Regardless with the smaller player count it is harder to find mini-game players, Pkers, staker, etc. That is where it is suffering at. The player count has increased since I have returned and with the Elemental updates that Thomy has arranged for the near future is should bring new and some of the old community back also. I'm excited to see what this upcoming update has for us.
Just hang in their boss, it's just as enjoyable as before.