This site is currently struggling to handle the amount of new users. I have already upgraded the server, but it will go down regardless if half of Reddit tries to join.
However Lemmy is federated software, meaning you can interact seamlessly with communities on other instances like beehaw.org or lemmy.one. The documentation explains in more detail how this works. Use the instance list to find one where you can register. Then use the Community Browser to find interesting communities. Paste the community url into the search field to follow it.
You can help other Reddit refugees by inviting them to the same Lemmy instance where you joined. This way we can spread the load across many different servers. And users with similar interests will end up together on the same instances. Others on the same instance can also automatically see posts from all the communities that you follow.
Edit: If you moderate a large subreddit, do not link your users directly to lemmy.ml in your announcements. That way the server will only go down sooner.
Is there any way to transfer an account to a different instance?
There is an issue open for this at https://github.com/LemmyNet/lemmy/issues/506, but it's not addressed yet. To migrate, you'd have to:
I wouldn't sweat it though. It's not currently "broken", and the lemmy.ml admins can shut off new signups if it becomes a major problem. My take is this is more about directing new signups elsewhere. The one instance can't hold every new user that's signing up right now.