CANTO Rises From the Ashes, Spiking 250% Before Crashing Back Down

CANTO, the native token its namesake’s layer-1 blockchain, experienced a volatile trading session on Thursday, rising by 250% before losing 60% of its value over the subsequent six hours. The platform had lost the majority of its TVL (total value locked) and trading appetite after a feverish launch last year that saw it reach a $238 million market cap with $204 million in TVL. It currently has just $4.6 million worth of assets locked on the chain as a network outage prompted an exodus from the chain. Canto’s plight also occurred during a wave of new layer-1 and layer-2 blockchains that caused an over saturation in protocols and liquidity. The project has not posted an update on X since September, despite stating that a new roadmap “would be released soon.” Thursday’s move can be attributed to a low liquidity low volume impulse in market buys, causing a momentary spike before a sell-off sparked by underwater positions taking profits.

Source: CoinDesk