CANTO, the native token of its namesake Layer-1 blockchain, shocked the crypto market with a dramatic 250% surge on Thursday—only to plunge 60% just six hours later. The unexpected price action left traders and analysts scrambling for explanations.
From $204M TVL to $4.6M: CANTO’s Fall From Grace
Once considered a promising project, CANTO had over $200 million in total value locked (TVL) in 2023 and a market cap peaking at $238 million. However, a major network outage last year triggered a mass exodus, draining capital and trust from the ecosystem.
“CANTO currently has just $4.6 million locked on the chain,” a massive decline from its previous highs.
The timing couldn’t have been worse, as the broader crypto ecosystem faced a flood of new Layer-1 and Layer-2 blockchains, splitting liquidity and attention.
No Updates Since September: Community Left in the Dark
CANTO’s development team has not posted on X (formerly Twitter) since September, despite earlier promises of a new roadmap. This lack of communication has further fueled uncertainty.
“The project claimed a roadmap would be released soon—but hasn’t updated since September.”
This silence has left many investors concerned about the future direction and leadership of the project.
What Caused Thursday’s Wild Price Spike?
The 250% surge in CANTO’s price wasn’t due to fundamental news. Instead, analysts point to impulse buying pressure in a low-liquidity environment.
“Thursday’s move can be attributed to a low-volume impulse in market buys,” triggering a brief price rally.
Shortly after the spike, a wave of profit-taking by underwater holders caused the price to sharply retrace.
What’s Next for CANTO?
Unless the team delivers on its promised roadmap and addresses liquidity and communication issues, CANTO may continue to struggle for relevance in a crowded blockchain market.
Still, the recent volatility reminds traders of the risks and rewards in low-liquidity tokens—especially those with unclear futures.