On May 28, the cryptocurrency Floki (FLOKI) experienced a surge of over 10% and witnessed its highest levels of trading activity in more than three weeks. Traders showed interest in the tokens due to a China-centric initiative promoting its Valhalla metaverse game.
The trading volumes for the Shiba Inu-inspired tokens surged to over $60 million, a significant increase from the previous week’s average of $25 million. This sudden spike coincided with the inclusion of advertisements for the Floki game in various Chinese sporting tournaments. This development potentially enticed speculators who speculated that the promotional efforts could attract a fresh wave of traders from China.
The developers of Floki mentioned in a tweet that they observed a notable increase in the number of community members from China joining their social media groups.
On February 7, Floki announced its strategic focus on China as part of its recent efforts to attract a larger user base for its Valhalla game. Developers emphasized that the game’s content and technical documentation would be made accessible in both traditional Chinese and simplified Chinese, with a specific aim to cater to the Chinese gaming market.
In recent weeks, the “China narrative” has gained traction among certain individuals on Crypto Twitter, particularly due to the anticipation of relaxed regulations for retail trading in Hong Kong. This trend has resulted in price increases for certain tokens with a focus on Asia, including conflux (CFX).
Starting June 1, Hong Kong will allow regulated trading of certain tokens like Bitcoin, Ether, and Solana. Traders cannot hold stablecoins, but this move has sparked speculation about wealthy Chinese investors entering the crypto markets. Floki’s core developer 100bviking shared,
They believe China’s growing economy will positively impact the crypto sector, especially with Hong Kong’s crypto legalization. There is anticipation that China could drive the next crypto bull run.
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Source: Cryptocurrency - investing.com
