Genuinely curious if anyone knows what shady stuff is going on with $ARC / @arcdotfun

I was already surprised by how well it had been performing lately. Despite a pretty weak market, it kept massively outperforming and did a clean 3–4x in about a month, seemingly for no real reason.
Now it’s down like -80% overnight, with absurd volumes of nearly $400M, which is roughly 10x its entire fully diluted valuation.
This is obviously heavily manipulated.
What I always wonder is: why do value extractors make it so blatant? Why not at least try to make it look organic?
So who are we blaming for this one?
Jane Street? Chinese mafia? Classic PnD cabals?
These kinds of charts and strategies get called out way too rarely, just because they usually happen in smaller projects at a smaller scale, which doesn’t change the fact that way too many clueless people are losing serious money to this stuff.
If anyone has more insight, I’d genuinely love to understand what actually happened here.