CANTO Token Soars 250% Then Plummets 60% Amid Low Liquidity and Network Troubles
CANTO, the native token of the Canto layer-1 blockchain, saw extreme price volatility on Thursday, surging 250% before crashing 60% within six hours.
Despite initial excitement following its launch last year—which pushed its market cap to $238 million and total value locked (TVL) to $204 million—the platform has since struggled to maintain momentum. A recent network outage triggered a mass withdrawal, reducing TVL to just $4.6 million.
Adding to Canto’s challenges is the crowded landscape of new layer-1 and layer-2 blockchains, which has saturated the market with competing protocols and liquidity.
The project has remained silent on social media since September, despite earlier promises to release a new roadmap “soon.”
Thursday’s dramatic price move appears driven by low liquidity and thin trading volumes, with a burst of buying causing a sharp spike followed by a quick sell-off as traders in losing positions took profits.
