Conflux (CFX) drops 16% despite $18M investment from DWF Labs.

Conflux (CFX) has been performing well in 2023, making it one of the top-performing altcoins in the first half of the year. However, the price of CFX has been decreasing in the past few days. According to data from CoinGecko, CFX has lost nearly 16% of its value in the past week.

DWF Labs Acquires $18 Million Worth Of CFX Tokens

Despite the recent price fall, DWF Labs acquired $18 million worth of CFX tokens last week. The Conflux network announced this acquisition on June 28. DWF Labs is a multi-stage Web3 investment firm.

DWF Labs backs Conflux with $18M!

DWF Labs, a global digital asset market maker and multi-stage Web3 investment firm, has reaffirmed its commitment to supporting the growth of Conflux. https://t.co/ogOLJHvbQH

Demonstrating their commitment, DWF Labs purchased $18M worth of…

— Conflux Network Official (@Conflux_Network) June 28, 2023

This investment follows a previous $10 million purchase of CFX tokens in March. It shows DWF Labs’ commitment to supporting the growth of Conflux.

Andrei Grachev, the head of DWF Labs, expressed his firm’s confidence in the Conflux network and its willingness to increase its CFX holdings.

@Conflux_Network is a bright example how a great team, technology, BD, GR and PR should perform. We know each other since ages and I’m more than happy to increase our $CFX holdings and support the guys with everything. Long East, Long HK, Long Web3 LFG! pic.twitter.com/hSzb3VYjfP

— Andrei Grachev (@ag_dwf) June 28, 2023

Conflux has gained a reputation for its cutting-edge technology, particularly its “Tree-Graph” consensus algorithm that enables high transaction throughput of up to 6,000 transactions on the blockchain.

As mentioned earlier, the Conflux ecosystem has been experiencing steady growth this year. It recently announced a partnership with dappOS, which is expected to benefit both entities.

Conflux So Far In 2023 – Price Overview

The price of CFX has been consistently increasing, with an 825% rise in the past six months. This price rally aligns with the expansion and adoption of the Conflux ecosystem.

During this rally, Conflux formed strategic partnerships with major Chinese companies. Notably, in February, the tree-graph consensus algorithm Layer-1 network partnered with China Telecom to develop a blockchain SIM (BSIM) card.

However, the token’s price has been trending downward since its peak earlier in the year. After reaching $0.4613 on March 20, the CFX token has lost over 55% of its value, dropping as low as $0.176 in mid-June.

Currently, CFX is trading at $0.204467, according to CoinGecko data. This represents a 1% increase in the last 24 hours. However, the token’s price has declined by more than 28% in the past month.

CFXUSD trading at $0.205142 | Source: CFXUSD chart from TradingView

The daily trading volume for CFX is $44.4 million, which is a 62.6% decrease compared to the previous day. This decline indicates a recent decrease in market activity.