Conflux (CFX), the native cryptocurrency of the Conflux network, has recorded a tremendous increase in the last seven days, surging from $0.052 to over $0.34, a whopping 500%+ jump. This massive surge came after the network disclosed last week that it is partnering with China Telecom to roll out Blockchain SIM (BSIM) cards, among other partnerships.
At the time of writing, Coinmarketcap data shows CFX has increased by 54% in the last 24 hours, edging out the other top 100 coins. It currently ranks 75 on the crypto tracking platform, with a live market cap of $711,752,774 USD.
Why is the Conflux (CFX) token pumping?
Since January 2023, the China-based cryptocurrency project has rolled out various partnerships, resulting in a price hike. Perhaps we could conclude that the CFX coin is driven mostly by strong fundamentals.
$CFX – exploding fundamentals. I’m still holding LT
In the past 3 weeks, $CFX has;
1) Been integrated w Chinas Little Red Book: 200m users, valuation ~$20bn
2) Partnered with China Telecom: 370m users, valuation ~$65bn
3) Proposed new token burns, greatly improving tokenomics
— MJ (@peach_1340) February 16, 2023
Conflux Network and Little Red Book, a Chinese social media network similar to Instagram, teamed up to offer nonfungible token services in January of this year, which triggered a spike in the price of Conflux.
Through this collaboration, the 200 million users of Little Red Book could display non-fungible tokens (NFTs) created on the Conflux blockchain on their personal pages. CFX saw a massive upsurge in demand as a result of this integration, which caused a two-day price hike of 60.25 percent.
In addition, the Conflux network announced cooperation with China Telecom, the country’s second-largest cellphone carrier with around 390 million members. This collaboration aimed to create SIM cards powered by the blockchain (BSIM cards).
“With advanced technology like Tree-graph, dual POS, and POW, the BSIM card enables the highest system performance for any blockchain worldwide,” Conflux said in an announcement.
These BSIM cards will control and hold a user’s public and private keys on the card, enabling them to retrieve their keys while retaining their data in encrypted storage. Users will be able to easily transfer, save, and display digital assets in a variety of apps thanks to the BSIM card.
Also, the team has already burned close to 16% of the existing supply, and their CTO is currently working on a proposal for an additional burning mechanism.
As the first regulatory-compliant public blockchain in China, Conflux was created in 2018 by a renowned Chinese computer scientist, Dr Andrew Chi-Chih Yao. The Conflux network is a layer-1 public blockchain that claims to balance scalability, security, and decentralization in blockchain technology.
Moreover, it enables the connection of creators, communities, and markets across nations and protocols.
The hype surrounding Conflux Network is clear so far. That does not, however, prevent the price of CFX from experiencing a significant decline in the upcoming weeks.