Bitmex Co-Founder Arthur Hayes Has a Stark Prediction for ‘Circle Copycat’ Stocks
CANTO Rises From the Ashes, Spiking 250% Before Crashing Back Down
- News In 4 Seconds
Oliver Knight
- 0
- 2 minutes read
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.
STORY CONTINUES BELOW
Don’t miss another story.Subscribe to the Crypto Daybook Americas Newsletter today.See all newslettersBy signing up, you will receive emails about CoinDesk products and you agree to ourterms of useandprivacy policy.
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.
