Memecoin fraud erodes community trust, Solana’s on-chain user activity drops nearly 40% in February

PANews February 21st news, according to Cointelegraph, Memecoin fraud is weakening community trust, especially the Libra token incident, resulting in a significant decline in Solana user activity. The number of active addresses on the network dropped to weekly in February. The average number is 9.5 million, down nearly 40% from the 15.6 million active addresses in November 2024. As confidence in Solana weakens, multimillion-dollar cryptocurrencies are moving from Solana to other blockchains, suggesting that potential capital outflows may have a net positive impact on the long-term growth of the blockchain.