CANTO crypto surges by 200% hours after Trump’s inauguration, positioning itself as one of the market’s top gainers in the past few hours. The token is linked to a layer 1 blockchain of the same name and serves as its utility token.

According to data from crypto.news, CANTO crypto saw its value skyrocket shortly after President Donald Trump’s inauguration, reaching as high as 200%. At the time of writing, the token has retracted to just around 125%, though occasionally it rises near 135%. CANTO is currently trading hands at $0.0336.

CANTO’s trading volume has also seen a massive wave of traders flocking to it. In the past 24 hours, the trading volume for CANTO stands at $11.5 million. The number increased by more than 1,876% compared to the previous trading day, indicating a recent surge in market activity.

In the past week, CANTO has seen a rise in value by more than 90%. In the past month, CANTO went up by nearly 50%. Though in the past year, the cryptocurrency has seen a drop of 87%.

CANTO crypto has a market cap of $23 million, placing it below quite a number of cryptocurrencies on the board. The token has a fully diluted valuation which stands at $33.5 million. CANTO’s circulating supply is currently at more than 608 million CANTO tokens, with a total supply of 1 billion tokens.

What is CANTO crypto?

CANTO is a utility token linked to a permissionless layer 1 blockchain of the same name. Known for its compatibility with Ethereum Virtual Machine, Canto’s token was launched to be “completely decentralized,” without a core foundation, presale or ventures.

Canto leverages Tendermint Consensus and Cosmos Software Development Kit and is secured by its own validators. Canto also uses the Ethermint system to gain EVM compatibility, which enables an EVM execution environment, further facilitating the deployment of Ethereum smart contracts.

CANTO is not a governance token, claiming to enable users to engage with its offering for “free.” The Canto DEX itself claims to be ungoverned and cannot implement additional fees or launch new tokens. Therefore, the CANTO crypto is simply used to facilitate liquidity mining and staking on the Canto blockchain.

In August last year, Canto reportedly had problems in producing blocks. The network had to stop block production as it was experiencing issues with its consensus mechanism, a process used by the blockchain to validate transactions.