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.
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