Arc Blockchain Dominated by Memecoin Frenzy on Launch Day

Circle's newly launched Arc blockchain processed an impressive 7.83 million transactions in its first 24 hours, but its intended use for USDC payments was minimal, with only about 624,000 USDC transfers recorded.

The launch day was dominated by memecoin trading, which led to a significant drop in token prices like TOLLY, LONG, and COOL, falling 56% to 77% from their highs.

Despite participation from major firms like BlackRock and Visa, the memecoin focus raised questions about the chain's future as a serious payment platform.