Activation of new Registered site fails on multisite

You might have missed the right configuration in your hosts file.

Assuming you are using Apache on a Linux server and vi editor, open this file:

sudo vi /etc/apache2/sites-available/example.com.conf

Since you have installed Multsite as subdomains, adjust your directives to include these:

Listen 80
<VirtualHost *:80>
  DocumentRoot "/var/www/example"
  ServerName example.com
  ServerAlias *.example.com
</VirtualHost>

Note that ServerAlias can help you with wildcard entries.

After making the changes, make sure you restart Apache with this command:

sudo restart apache2

Try running your activation link again and let us know if it works.