CFX Token Faces 3.55% Drop as 500M Unlock and PoW Reward Cut Drive Volatility

Conflux (CFXUSDT) experienced a 3.55% price decline over the past 24 hours, with the current price at $0.2092 according to Binance data. The recent downturn is primarily attributed to short-term bearish momentum following the mainnet 3.0 upgrade, upcoming PoW reward reduction, and anticipation of a 500 million CFX token unlock scheduled for August 11, which may be prompting increased selling pressure. Additionally, market sentiment has shifted as sellers gained control after the price pulled back from a recent high of $0.2204, with technical indicators suggesting further downside risk. Trading volume remains robust at approximately $185 million, and Conflux maintains a market capitalization of around $1.07 billion, reflecting continued investor interest despite recent volatility.