GigaOm recently speculated there are growth issues at Yik Yak. I would argue this is a small blip. Yes, they are now on EVERY campus in the US, but the MAU metric used focuses on the holiday season. The same time in which college students are usually at home celebrating the holidays with family.
Keep in mind that Facebook started with the campus approach. The real question will be how Yik Yak extends the offering into broader audiences and/or increase engagement. Will they continue to focus on college students with international rollouts? Will Yik Yak broaden reach with a focus on events similar to Snapchat? This is no Secret and there are plenty of uses and growth to come.