Conflux’s CFX Skyrockets on China Hype—But Is the Rally Built on Sand?

China's crypto darling Conflux is making waves again—but not everyone's buying the hype.

### The Pump No One Saw Coming

CFX just ripped past resistance levels like a bull in a china shop (pun intended). Trading desks are buzzing, but the real question remains: Is this sustainable—or just another case of 'buy the rumor, sell the news'?

### Fundamentals Playing Catch-Up

Analysts aren't convinced. Network activity? Middling. Adoption metrics? Underwhelming. But hey, who needs fundamentals when you've got patriotic FOMO and a splash of that good ol' speculative grease?

### The Cynic's Take

Another day, another crypto asset mooning on vibes rather than value. At least this one comes with a side of geopolitical drama—Wall Street could never.

In fact, it's still down from 2022 daily averages.

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

In contrast, with Ethereum, the largest gas spender accounts for less than 10% of total gas spent on the network.

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

However, the question remains: Is Conflux the best proxy for this narrative? On-chain data WOULD suggest otherwise.