The once-promising CALDERA token ($ERA ), hailed as a rising star in the modular blockchain space, seems to be running out of fuel — and fast.
After peaking interest earlier this year with its ambitious vision of scalable Layer 2 chains for game and app developers, $ERA has struggled to maintain momentum. Despite solid initial partnerships and a technically impressive stack, recent price action tells a sobering story: a sharp decline in trading volume, shrinking social buzz, and holders quietly exiting positions.
On-chain data reveals a clear pattern: wallets that had accumulated $ERA during its early hype cycle are now reducing exposure. Meanwhile, new wallet activity has slowed dramatically — a sign that fresh retail interest may be drying up.
Is this just a cool-off period before the next leg up, or has Caldera already seen its peak?
Part of the issue may be timing. As investor attention shifts toward AI-related tokens and more liquid narratives like restaking or RWAs, infrastructure plays like ERA are struggling to capture market mindshare. Without a catalyst or visible user adoption, the project risks fading into the background — another “what could’ve been” in the ever-harsh crypto cycle.
ERA may still have long-term promise, but right now, the market doesn’t seem convinced. Traders are watching, but they’re not buying. And that’s a dangerous place for any token to be.
@calderaxyz
