CANTO Token’s Dramatic Surge and Crash Highlights Market Volatility
CANTO, the native token of the Canto layer-1 blockchain, experienced a wild trading day on Thursday, climbing 250% before tumbling 60% within just six hours.
After a strong debut last year that saw the project reach a $238 million market cap and lock in $204 million in total value, CANTO has faced dwindling interest and liquidity. A recent network outage triggered an exodus of assets, reducing total value locked (TVL) to a mere $4.6 million.
The token’s troubles come amid a surge of new layer-1 and layer-2 blockchain projects flooding the market, saturating the space and stretching liquidity thin.
Adding to investor frustration, the project has remained inactive on social media since September, despite earlier commitments to unveil a new roadmap.
Thursday’s price spike was driven by low-volume buying, causing a sharp but brief rally. This was quickly followed by profit-taking and a wave of selling from traders closing losing positions, sending the token sharply downward.
