Canto, the native token of the layer-1 blockchain of its name, experienced a volatile trading session on Thursday, rising 250% before losing 60% of its value in the subsequent six hours.
The platform lost most of the TVLs (total amount locked) and an appetite after a fever launch last year found to reach a $ 238 million market cap with $ 204 million on TVL.
It is currently $ 4.6 million worth of possessions that are locked in the chain as a Network outage prompted an exodus from the chain.
Canto’s condition also took place in a wave of new layer-1 and layer-2 blockchains that caused excessive saturation in protocols and liquidity.
The project has not been posted by an update on X since September, despite saying that a new roadmap “will be released soon.”
The transfer of Thursday can be attributed to a lowly low-volume of impulse market purchase, causing a short-term spike before a seller-off sparked underwater positions that earn the income.
