Circle released the mainnet for Arc, its Layer 1 (base blockchain network), on Sept. 16, after which some meme coins and launchpad-related tokens declined. The Crypto Times said posts on X linked the moves to Indian- or Nigerian-associated people who appeared in a livestream, raising concerns about judging developers’ risk by nationality or appearance. The article noted that early-holder selling, liquidity conditions and duplicate tickers can also drive token volatility, while no evidence established a causal link between nationality and the declines.