After an initial decline, the Canton Network's native token CC has surged by 30% to approximately $0.1293, with trading volume jumping 45% as it ranks among the market's top gainers. This rally follows a previous 30% price drop on November 11, despite listings on major exchanges like Binance, KuCoin, Bybit, and MEXC, and a $540 million private investment from Tharimmune Inc.
The primary driver is the official launch of CC's innovative burn-and-mint reward model, which mints new tokens for validators, builders, and users while burning a portion of network fees. This has spurred significant on-chain activity, with $1.15 million in fees processed, 49,000 daily active users, and 740,000 transactions in the past day alone. One ecosystem wallet, Send, mined over 5 million CC in 30 days through user transactions.
Exchange listings have amplified momentum: Binance added perpetual contracts, KuCoin launched a GemPool staking campaign offering 1.67 million CC in rewards until November 18, and Gate.io integrated Flash Swap. Daily trading volume exceeded $76 million, and with only about one-third of the total supply circulating, limited supply has fueled the breakout.
Ecosystem expansion has bolstered sentiment, including the November 11 launch of the Console Wallet, which attracted over 10,000 users in 24 hours with enhanced security features. Canton, a layer-1 blockchain for institutional finance, aims to bridge traditional and decentralized finance, with backing from investors like BNP Paribas, Circle Ventures, Citadel, Goldman Sachs, and Paxos.
Technical analyst Crypto Popeye highlighted a bullish 'range deviation setup' on the 1-hour chart, suggesting potential targets of $0.14 to $0.15 if buyers maintain control. The token's market cap stands at $3.68 billion, ranking it 32nd globally, and it operates as a fair-launch token with an unlimited supply.
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