The ARC token has suffered a significant price drop of 44.89% within 24 hours, as reported by GMGN market data. The token's market capitalization fell from $131 million to $56.65 million. This decline was triggered by a whale address that received $1.7 million worth of ARC tokens and subsequently sold its entire position. In addition to the whale sell-off, the ARC contract experienced $3.4924 million in liquidations over a 12-hour period, with $3.0054 million of these being long positions. The combined impact of the whale's actions and the liquidations has led to a sharp decrease in the token's value.