CANTO Token Surges 250% Before Losing 60% in Six Hours
CANTO, the native token of its layer-1 blockchain, saw a trading session where it rose by 250% before dropping 60% within six hours.
- Previously, CANTO had a market cap of $238 million and a total value locked (TVL) of $204 million.
- Current TVL has decreased to $4.6 million due to a network outage, leading to a loss of assets and user interest.
- The project faced increased competition from new layer-1 and layer-2 blockchains, contributing to market saturation.
- No updates have been posted on X since September, despite promises of a new roadmap.
- Thursday's price movement was driven by low liquidity and volume, resulting in a temporary spike followed by profit-taking sell-offs.