CFX (Conflux) fell 2.06% in the last 24 hours

Gate News Bot news, August 5th, according to CoinMarketCap data, as of the time of writing, CFX (Conflux) is currently at $0.21, down 2.06% in the last 24 hours, with a high of $0.28 and a low of $0.19. The 24-hour volume reached $266 million. The current market capitalization is approximately $1.094 billion, a decrease of about $22.9952 million from yesterday.

Conflux is a high-throughput public blockchain that utilizes an innovative Tree-Graph consensus algorithm to reduce confirmation times and increase TPS by processing blocks and transactions in parallel. Conflux employs a thoroughly tested PoW consensus mechanism, providing enhanced security and protection against re-entrancy attacks at the protocol level. Its built-in staking feature provides a foundation for innovative DeFi applications, with the current annualized yield on staked tokens being 4%. The token economy of Conflux is built around the $CFX token, which holders can use to pay transaction fees, earn rewards through staking, rent storage space, and participate in network governance.

Important recent news about CFX:

1️⃣ The launch of the new exchange drives short-term volatility

MGBX is scheduled to launch CFX spot trading on August 4, 2025, at 19:30 (SGT). The addition of the new exchange may bring additional liquidity and trading demand for CFX, but it may also trigger short-term price fluctuations.

2️⃣ Market performance fluctuates significantly

CFX has experienced significant price fluctuations over the past week. On August 4, there was a single-day increase of 14.44%, followed by a single-day decrease of 14.05% on August 2. This extreme price volatility reflects the market's high attention to CFX, while also suggesting a higher level of speculation.

3️⃣ volume continues to remain high

Despite the price pullback, the 24-hour trading volume of CFX remains at a high level of $266 million. The sustained high trading volume indicates that market participation is still active, which may provide support for future price movements.

From a technical perspective, the CFX price encountered resistance near $0.28 and subsequently fell back to around $0.21. The current price is in the middle of the recent fluctuation range, and investors need to closely monitor the performance of the resistance level at $0.28 and the support level at $0.18 to determine the future market direction.

This message does not constitute investment advice. Investors should be aware of market volatility risks.