Memecoin Fraud Erodes Community Trust, Solana On-Chain User Activity Drops Nearly 40% in February

PANews 21st February news, according to Cointelegraph, Memecoin fraud is undermining community trust, especially the LibraToken incident, leading to a significant decrease in Solana user activity. In February, the number of active addresses on the network dropped to an average of 9.5 million per week, a decrease of nearly 40% from the 15.6 million active addresses in November 2024. With confidence in Solana waning, Cryptocurrencies worth millions of dollars are being transferred from Solana to other blockchains, indicating that potential capital outflows may have a net positive impact on the long-term rise of blockchain.