CFX Token Drops 9.74% After TreeGraph 3.0 Upgrade and $7.4M Short Liquidations

Conflux (CFXUSDT) experienced a notable price decline of 9.74% over the last 24 hours, with the current price at $0.1789 on Binance, down from a 24-hour open of $0.1982. This drop follows recent volatility triggered by the completion of the TreeGraph 3.0 upgrade, which improved transaction speed and added stablecoin functionality, coinciding with $7.4 million in short liquidations. Despite bullish technical signals earlier in August and increased trading activity, the asset faced strong selling pressure after failing to sustain a breakout above $0.27 in late July, leading to a 27% overnight drop. The current market capitalization stands at approximately $917.6 million, with a 24-hour trading volume between $161.1 million and $192.7 million, and a circulating supply of about 5.13 billion CFX. CFX remains actively traded on major exchanges, with significant turnover observed on Binance and other platforms.