Conflux (CFX) is one of the earlier public chain projects in China, which landed on Binance in 2021. At that time, its token price once approached $2.
The project initially promoted itself as the 'Chinese version of Ethereum', claiming to have national-level support, but subsequent developments proved that these promises were largely empty talk.
As the market gradually recognized the limitations of the concept of 'domestic public chains' in the cryptocurrency field, as well as the significant gap in technical strength compared to Ethereum, the price of CFX experienced a cliff-like decline, dropping over 95%.
The project team is well-versed in marketing tactics, especially adept at playing the 'patriotism card', frequently leveraging government-related policies for hype. Although actual technical progress is slow, they are quite active in market operations.
It is worth noting that in August this year, a stablecoin will be launched on the Shutu chain domestically, and with the CFX team's consistent style, they will surely not miss this opportunity for promotional marketing.
From an investment strategy perspective, it is advisable to adopt a 'go with the flow' approach. Historical trends show that CFX typically experiences a 3-4x surge during hot topics, but this is often followed by a prolonged downturn.
Although it cannot be asserted that this time it will completely replicate past trends, following the main capital to buy on dips and taking profits in a timely manner at high points is a relatively prudent strategy. Investors need to remain vigilant to avoid becoming the last ones holding the bag.
