Conflux (CFX) has had a positive performance so far in 2023, positioning itself among the best performing altcoins in the first half of the year. However, “Chinese Ethereum” has been trading in the red for the past few days. According to CoinGecko data, CFX has lost nearly 16% of its value in the past week.
DWF Labs acquires $18 million in CFX tokens
This decline in CFX’s price comes despite the acquisition by DWF Labs last week. On Wednesday, June 28, Conflux Network announced that multi-tiered investment firm Web3 had purchased $18 million worth of its token.
DWF Labs Backs Conflux With $18 Million!
DWF Labs, a global digital asset market maker and multi-stage Web3 investment firm, has confirmed its commitment to support the growth of Conflux.https://t.co/ogOLJHvbQH
As a show of their commitment, DWF Labs has purchased an $18 million worth of…
– Conflux Network Administrator (Conflux_Network) June 28, 2023
This latest investment is a follow-up to the initial $10 million purchase of CFX tokens in March. It is understood as evidence of DWF Labs’ commitment to “supporting the growth of Conflux.”
In a tweet, the head of DWF Labs, Andrei Grachev, emphasized how the network is an excellent technology and his company’s willingness to increase CFX holdings.
@tweet A shining example of how a great team, technical, BD, GR and PR can perform. We have known each other for ages and I am happy to add CFX dollars Collectibles and support guys with everything.
Long East, Long Hong Kong, Long Web 3
LFG! pic.twitter.com/hSzb3VYjfP– Andrey Grachev (@ag_dwf) June 28, 2023
Conflux has gained a reputation as a cutting edge technology thanks to its “Tree-Graph” consensus algorithm, which enables the blockchain to achieve a high transaction transfer rate (tps) of up to 6,000 transactions.
As previously inferred, the Conflux ecosystem has been growing steadily since the beginning of the year. Recently, the blockchain revealed a partnership with dappOS, which promises mutual benefits for both entities.
Conflux So Far In 2023 – Pricing Overview
CFX price has been on an upward trajectory for most of the year, recording an 825% increase in the past six months. This price hike is consistent with the expansion and increased adoption of the Conflux ecosystem.
During the height of this march, Conflux announced several strategic partnerships with some of the largest Chinese companies. Notably, the tree graph consensus algorithm Layer-1 network announced a partnership with China Telecom to develop a blockchain SIM card (BSIM) in February.
However, we have seen the token’s price trend downward from its high earlier in the year. Since reaching its yearly peak of $0.4613 on March 20, the CFX token has lost more than 55% of its value, and was trading as low as $0.176 in mid-June.
As of this writing, CFX is trading at $0.204467, according to CoinGecko Data. This represents an increase of 1% in the last 24 hours. However, the price of the token has been declining in recent weeks, losing more than 28% in the past month.
CFXUSD trading at $0.205142 | Source: CFXUSD chart from TradingView
The daily volume of Conflux token is $44.4 million, which is down 62.6% from the previous day. The drop in 24-hour trading volume indicates a recent decrease in market activity.
Featured image from SoFi, chart from TradingView