{"id":40243,"date":"2025-08-04T05:46:47","date_gmt":"2025-08-04T05:46:47","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=40243"},"modified":"2025-08-04T05:46:47","modified_gmt":"2025-08-04T05:46:47","slug":"confluxs-cfx-rallies-on-china-buzz-but-analysts-believe-fundamentals-still-lag","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=40243","title":{"rendered":"Conflux’s CFX Rallies on China Buzz, But Analysts Believe Fundamentals Still Lag"},"content":{"rendered":"
\n

Conflux’s CFX emerged as the winner during weekend trading, gaining around 14%, according to CoinDesk market data<\/a>, and surpassing the broader CoinDesk 20 index, which rose by 4%.<\/p>\n

However, behind the scenes, there’s something missing: an uptick in on-chain activity. Conflux has positioned itself as being China’s Ethereum<\/a>, with a regulatory-compliant digital ledger, that doesn’t have a token, available within mainland China.<\/p>\n

Analysts speaking to CoinDesk in the past have called it a “one country, two systems<\/a>” protocol, with its ability to straddle both the global crypto markets with a token and act as a digital ledger within mainland China, partnering with domestic web giants like China’s version of Instagram<\/a>.<\/p>\n

Given that insiders say that Beijing is warming to the idea of stablecoins<\/a> to counter U.S. dollar hegemony, and Conflux is prepping an offshore-yuan stablecoin<\/a>, the market euphoria is certainly justified. In the last 30 days, CFX is up over 190%.<\/p>\n

All of this isn’t really reflected on-chain.<\/p>\n

Aside from occasional spikes, transaction activity hasn’t grown in the last year, per data from network block explorers<\/a>.<\/p>\n

\"(Conflux<\/p>\n

In fact, it’s still down from 2022 daily averages.<\/p>\n

Other on-chain data shows<\/a> that nearly 80% of the total gas spent in the protocol comes from three accounts, creating a concerning level of centralization.<\/p>\n

\"(Conflux<\/p>\n

In contrast, with Ethereum, the largest gas spender <\/a>accounts for less than 10% of total gas spent on the network.<\/p>\n

There certainly is a growing China narrative at the moment. Any sort of rumor that mainland China has banned crypto outright is demonstrably false<\/a>. Hong Kong’s embrace of crypto mirrors how equity markets in Shanghai learned from their counterparts<\/a> in the city before opening mainland China’s stock markets in the 1990s.<\/p>\n

However, the question remains: Is Conflux the best proxy for this narrative? On-chain data would suggest otherwise.<\/p>\n

<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Conflux’s CFX emerged as the winner during weekend trading, gaining around 14%, according to CoinDesk market data, and surpassing the broader CoinDesk 20 index, which rose by 4%. However, behind the scenes, there’s something missing: an uptick in on-chain activity. Conflux has positioned itself as being China’s Ethereum, with a regulatory-compliant digital ledger, that doesn’t […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-40243","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/40243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40243"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/40243\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}