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CANTO Rises From the Ashes, Spiking 250% Before Crashing Back Down
The project has not posted on X since September despite claiming it would release a new roadmap.
May 29, 2025, 1:53 p.m.
What to know:
- CANTO experienced a period of volatility on Thursday, rising by 250% before crashing back down over the subsequent six hours.
- The blockchain had more than $200 million in total value locked (TVL) last year before a network outage caused an exodus of capital.
- Thursday's move can be attributed to an impulse in buy pressure coupled with a lack of liquidity.
CANTO, the native token its namesake's layer-1 blockchain, experienced a volatile trading session on Thursday, rising by 250% before losing 60% of its value over the subsequent six hours.
The platform had lost the majority of its TVL (total value locked) and trading appetite after a feverish launch last year that saw it reach a $238 million market cap with $204 million in TVL.
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It currently has just $4.6 million worth of assets locked on the chain as a network outage prompted an exodus from the chain.
Canto's plight also occurred during a wave of new layer-1 and layer-2 blockchains that caused an over saturation in protocols and liquidity.
The project has not posted an update on X since September, despite stating that a new roadmap "would be released soon."
Thursday's move can be attributed to a low liquidity low volume impulse in market buys, causing a momentary spike before a sell-off sparked by underwater positions taking profits.
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