Arc Blockchain Overrun by Memecoins on Day One

Circle's institutional-focused blockchain platform, Arc, launched on October 26th. The platform was meant to cater to institutional investors and provide a more stable environment for trading cryptocurrencies.

However, on the very first day of its launch, Arc saw an unexpected surge in memecoins, such as Dogecoin (DOGE) and Floki Inu (FLOKI). These coins typically have no underlying value or use case but are popular among retail investors due to their meme culture appeal.

This sudden influx of memecoins on Arc caught many off guard, including Circle's own team. 'We didn't anticipate that the market would behave like this,' said a representative from Circle in an interview with CoinDesk.