Honestly? No, I don't think it's not yet dying out. It'll die out when Mojang ran out of ideas for updates. *Hopes for Minecraft in non-pixel form*
What do you mean soon? Minecraft already is a place for 11 year-olds where they can "hook up" with strangers around the world and have a "pretend relationship."
Well, I believe that on of MC's vital functions that has kept it going is the constant updates. However, 1.8 took over a year to come out. Granted, it had TONS of content, but the layover was a bit much. In my opinion, Mojang needs to make more updates with less content in order to keep the community from getting bored in between updates. How long have we been waiting for 1.9 snapshots now? Months? I still don't think this is a game that'd disappear overnight, but it will start on a downward spiral as @Yomc mentioned if Mojang can't keep up the content. If they don't update it a bit more frequently, people will start leaving in larger and larger clusters until the community is back to the size it was before beta.