CANTO, the cryptocurrency associated with its own layer-1 blockchain, experienced significant trading volatility last Thursday. In just a matter of hours, its price skyrocketed by an impressive 250%, only to subsequently plummet by 60%. This drastic fluctuation underscored the challenges faced by CANTO, as it has suffered a considerable loss of its total value locked (TVL) since its earlier days when it initially launched with a market cap of $238 million and $204 million in TVL.

This recent trading phenomenon on Thursday was mainly a result of heightened buying activity amid low liquidity conditions, which ultimately led to a spike before many traders decided to sell off their positions for profit.

As of now, CANTO’s TVL has dwindled to just $4.6 million, showcasing the aftermath of a network outage that resulted in diminishing trust and interest in the chain. The project has not communicated any updates via social media platforms since September, despite asserting a forthcoming roadmap.