CFX Token Faces 4% Price Drop Amid Network Upgrade, 500M Unlock, and AxCNH Initiative

Conflux (CFXUSDT) experienced a 4.08% price decline over the past 24 hours, with the current price at 0.1976 USDT on Binance. The recent price drop is primarily attributed to market reactions following the completion of the Conflux v3.0 network upgrade and anticipation of the upcoming 500 million CFX token unlock scheduled for August 11, which has increased volatility and prompted cautious trading. Additional factors include the announcement of the AxCNH stablecoin initiative and heightened on-chain activity, which initially drove positive sentiment and price surges in July but have since led to profit-taking and technical corrections.

The market remains active, with a 24-hour trading volume of approximately $141.36 million and a market capitalization of over $1.068 billion. Despite the recent dip, Conflux has shown strong monthly performance, supported by increased wallet activity and network throughput, while traders closely monitor key support and resistance levels for further price direction.