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

On February 21st, according to Cointelegraph, Memecoin fraud is weakening community trust, especially the Libra token 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 weakening, cryptocurrency worth millions of dollars is 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.