Canto, the native token the low-1 blockchain of his namesake, experienced a volatile trade session on Thursday, with 250% before she lost 60% of its value during the following six hours.
The platform had lost the majority of his TVL (total value locked) and the exchange of appetite after a feverish launch last year, which achieved a market capitalization of $ 238 million by $ 204 million in TVL.
It currently only has $ 4.6 million in assets that have been locked in the chain, because a network failure led to an exodus of the chain.
The fate of Canto also took place during a wave of new layer-1 and low-2 block chains that caused an oversaturation in protocols and liquidity.
The project has not placed an update on X since September, even though a new route map “would be released soon.”
Thursday’s step can be attributed to low liquidity low volume impulse in market purchases, which causes a temporary peak before a sale was fueled by underwater positions that take on profit.