CFX Token Drops 11% After Major Network Upgrade and Supply Cut, Trading Volume Surges

CFXUSDT experienced a notable price decrease of 11.02% over the past 24 hours, currently trading at $0.1776 on Binance. The recent volatility is primarily attributed to profit-taking following the significant rally in late July, which was driven by the announcement and completion of the Conflux Network v3.0.0 hardfork, introducing EVM compatibility, Proof-of-Stake upgrades, and a reduction in total supply from 100 billion to 50 billion CFX. Increased trading volume, with $214.88 million exchanged in the last day, reflects heightened market activity amid ongoing technical adjustments and anticipation of further network developments. The asset remains underperforming compared to the broader crypto market, but continues to attract attention due to its regulatory-compliant status in China and recent technological upgrades.