Memecoin fraud undermines community trust, with user activity on the Solana chain dropping nearly 40% in February

ChainCatcher news, according to Cointelegraph, Memecoin fraud is undermining community trust, especially the Libra token incident, leading to a significant decline in Solana user activity. In February, the number of active addresses on the network dropped to an average of 9.5 million per week, down nearly 40% from 15.6 million active addresses in November 2024.

As confidence in Solana wanes, 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 growth of the blockchain.