Fatal Error Object Cache

I am recieving this message occasionally :Fatal error: Allowed memory size of 1073741824 bytes exhausted (tried to allocate 17348581 bytes) in html/wp-content/object-cache.php on line 433
Im not sure if APC is a core file. I would like to know if I need it. I did some research and i found this particular plugin hasnt been updated for more than two years. So Im wondering how it got there & how to remove it if I dont need it.

Thanks!