Solana sees declining user activity as memecoin rug pulls erode trust

Solana is experiencing a 40% decline in user activity due to memecoin scams and rug pulls, leading to capital outflows towards Ethereum and Arbitrum. Analysts suggest that while this trend erodes trust, it may ultimately benefit Solana in the long run. The monthly capital inflow into Solana has turned negative, and the number of active addresses has dropped significantly. Despite these challenges, some believe that the removal of bad actors could lead to improved standards and growth for the network.

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