Conflux (CFX) has had a positive run so far in 2023, placing itself amongst the best-performing altcoins in the first half of the year. However, the “Chinese Ethereum” has been trading in the red in the past few days. According to data from CoinGecko, CFX lost nearly 16% of its value in the past week.
DWF Labs Acquires $18 Million Worth Of CFX Tokens
This CFX price fall comes despite the acquisition made by DWF Labs in the past week. On Wednesday, June 28, the Conflux network announced that the multi-stage Web3 investment firm purchased $18 million worth of its token.
DWF Labs backs Conflux with $18M!
DWF Labs, a global digital asset market maker and multi-stage Web3 investment firm, has reaffirmed its commitment to supporting the growth of Conflux.https://t.co/ogOLJHvbQH
Demonstrating their commitment, DWF Labs purchased $18M worth of…
— Conflux Network Official (@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 to be a demonstration 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 firm’s willingness to increase its CFX holdings.
@Conflux_Network is a bright example how a great team, technology, BD, GR and PR should perform. We know each other since ages and I’m more than happy to increase our $CFX holdings and support the guys with everything.
Long East, Long HK, Long Web3
— Andrei Grachev (@ag_dwf) June 28, 2023
Conflux has built a reputation as a cutting-edge technology thanks to its “Tree-Graph” consensus algorithm, which enables the blockchain to achieve a high transaction throughput (tps) of up to 6,000 transactions.
As inferred earlier, the Conflux ecosystem has been experiencing steady growth since the turn of the year. Recently, the blockchain disclosed a partnership with dappOS, which promises mutual benefits for both entities.
Conflux So Far In 2023 – Price Overview
The price of CFX has been on an upward trajectory for most of the year, recording an 825% increase in the past six months. This price rally is consistent with the expansion and increased adoption of the Conflux ecosystem.
During the peak of this rally, Conflux announced several strategic partnerships with some of China’s biggest companies. Notably, the tree-graph consensus algorithm Layer-1 network announced a partnership with China Telecom to develop a blockchain SIM (BSIM) card in February.
However, we’ve watched the token’s price trend downward from its height 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, trading as low as $0.176 in mid-June.
As of this writing, CFX changes hands at $0.204467, according to CoinGecko data. This represents a 1% increase in the last 24 hours. That said, the token’s price has declined in recent weeks, shedding more than 28% in the past month.
CFXUSD trading at $0.205142 | Source: CFXUSD chart from TradingView
The Conflux token has a daily trading volume of $44.4 million, representing a 62.6% decline from the past day. A decrease in 24-hour trading volume signals a recent fall in market activity.
Featured image from SoFi, chart from TradingView