User activity on the Solana blockchain dropped by nearly 40% in February, and meme-token scams have weakened community trust.
According to a post by BlockBeats, on February 21, according to a report by Cointelegraph, meme coin scams are undermining community trust, particularly the Libra token incident, leading to a significant drop in Solana user activity. In February, the weekly average number of active addresses on the network fell to 9.5 million, down about 40% from 15.6 million active addresses in November 2024.
With trust in Solana weakening, millions of dollars worth of cryptocurrencies are being transferred from Solana to other blockchains, indicating that the potential capital flight could have a positive impact on the blockchain's long-term growth.
Source: BlockBeats
