The first graph linked below shows "hotness" as a function of time with upvotes held constant. The equations are above the linked section. Compounding this effect, there is a feedback loop where hotter elements are more likely to be seen and voted, which increases hotness logarithmically.

So no, the algorithm doesn't intentionally punish dense material. But it does happen incidentally.

https://medium.com/hacking-and-gonzo/how-reddit-ranking-algo...