Conflux's (CFX) value drops by 16% despite receiving an $18 million investment from DWF Labs.
In the first half of 2023, Conflux (CFX) has been one of the top-performing altcoins. However, the recent trading trends have not been in favor of the "Chinese Ethereum". According to CoinGecko, CFX's value has decreased by almost 16% in the past week.
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Conflux's (CFX) value drops by 16% despite receiving an $18 million investment from DWF Labs. DWF Labs Acquires $18 Million Worth Of CFX Tokens
Despite DWF Labs' recent acquisition of Conflux network's token worth $18 million, the price of CFX has fallen. The announcement of the acquisition was made on Wednesday, June 28, by the Conflux network. Conflux's (CFX) value drops by 16% despite receiving an $18 million investment from DWF Labs.
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
DWF Labs has announced that it has made a subsequent investment in Conflux by purchasing additional CFX tokens. This investment is a continuation of the initial $10 million purchase made in March and demonstrates DWF Labs' commitment to supporting the growth of Conflux. Andrei Grachev, the head of DWF Labs, emphasized the network's excellent technology and his firm's willingness to increase its CFX holdings in a tweet.
@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 LFG! pic.twitter.com/hSzb3VYjfP — Andrei Grachev (@ag_dwf) June 28, 2023
Conflux is known for its advanced technology, particularly its "Tree-Graph" consensus algorithm that allows for a high transaction throughput of up to 6,000 transactions on the blockchain. The Conflux ecosystem has been steadily growing since the beginning of the year and has recently announced a partnership with dappOS. This collaboration is expected to be mutually beneficial for both entities.
Conflux So Far In 2023 – Price Overview
The price of CFX has witnessed a significant increase in the past six months, rising by 825%, which is in line with the expansion and adoption of the Conflux ecosystem. During the peak of this rally, Conflux entered into strategic partnerships with some of China's largest companies. For instance, in February, the tree-graph consensus algorithm Layer-1 network partnered with China Telecom to develop a blockchain SIM card (BSIM). However, the token's price has been declining since its peak earlier this year, losing more than 55% of its value and trading as low as $0.176 in mid-June. As of now, CFX is trading at $0.204467, representing a 1% increase in the last 24 hours. Nonetheless, the token's price has declined in recent weeks, shedding more than 28% in the past month, according to CoinGecko data.
The daily trading volume of Conflux token is currently at $44.4 million, which indicates a decline of 62.6% from the previous day. This decrease in 24-hour trading volume suggests a recent drop in market activity.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.