Not during the day but a good rule of thumb is 10-15% of blue population. If it very rare that it gets below 10% of blue and that would be a very bad sign. I'm sure it does get pretty bad during the day.
Peak hours are all that matter on Red since there is 0 competition and people are not forced to log in at all hours for different raid mobs.
Variance is something that would fix this and help people out that want to play in off hours but oh well.
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