Arc Blockchain Plagued by Meme Token Chaos on Launch Day
The Circle-developed blockchain Arc, touted as an enterprise-level stablecoin network, experienced a chaotic launch. The platform, which boasts top institutions like BlackRock and Visa as founding validators, processed over 7.8 million transactions within its first 24 hours. However, only about 624,000 of these were actual USDC transfers.
The network saw an influx of speculative orders for meme tokens, with a surge in new account creations and smart contract deployments driving up average transaction fees fourfold to 3 cents. The native token ARGUS, ranking first in the Arc ecosystem, has a market cap of only $16 million.
Market data reveals that various meme coins have collapsed across the board, with some experiencing retractions of up to 80% from their peak. Cryptocurrency trader wale.moca pointed out that related assets experienced a 'cliff-like drop' on the first day of launch, with no signs of technical rebound.