CANTO Skyrockets 250% in Sharp Spike, Only to Crash Shortly After

CANTO Token Rockets 250% Before Plummeting 60% Amid Market Turmoil

CANTO, the native token of the Canto layer-1 blockchain, saw dramatic price swings on Thursday, surging 250% only to crash 60% within six hours.

Following a promising launch last year that saw CANTO hit a $238 million market cap and $204 million in total value locked (TVL), the project has since faced significant challenges. A recent network outage sparked a large withdrawal of assets, dropping TVL to just $4.6 million.

Canto’s struggles are further intensified by an influx of new layer-1 and layer-2 blockchains flooding the market, creating fierce competition for liquidity and users.

The project has been notably silent on X since September, despite earlier promises to release a new roadmap soon.

Thursday’s wild price movement was driven by low liquidity and thin trading volumes, with a quick buying spree causing the initial spike, followed by a rapid sell-off as traders took profits and cut losses.

About The Author

ctleditor

See author's posts