Conflux Network is a layer-1 blockchain operation on a hybrid PoW and PoS mechanism also known as Shanghai Tree- Graph Blockchain Research Institute and is the only regulatory–compliant, public, and permissionless blockchain in the country. The Conflux Network (CFX) was nearly up by 500% in the past week and became one of the emerging and best–performing crypto assets in 2023. The statistics indicate that China appears to be welcoming toward cryptocurrency trading.
The prices of CFX rallied nearly 1,335 % Year–to–date (YTD) and hit $0.3254 as on February 24 which is the highest in the 14 months. On contrary, the combined market capitalization of crypto assets has increased approximately by 45% YTD. The social media metrics indicate that this ongoing CFX price rally is a result of strong sentiments of retail investors.
On January 26, the CFX’s price increased by more than 90% after Conflux partnered with Little Red Book a China–based Social Media platform that provides Non – Fungible tokens (NFT) services. This partnership enabled Conflux Network to bring services to Little Red Book‘s 200 Million users. Alongside this, the Conflux Network partnered with China Telecom for developing and launching a pilot program for Blockchain SIM (BSIM) card services in Hong Kong. The CFX’s price rallied 450% post this announcement.
Such high–profile deals helped boost queries for keywords that are related to Conflux Network (CFX) indicating the high interest of retail investors. Alongside, the CFX market bull run also aligns with the vote on its token burn proposal. So far buzz for CFX is considered palpable. However, this does not safeguard the prices of CFX from undergoing a massive correction in the coming weeks.
