Floki, a Shiba Inu-themed cryptocurrency, experiences a surge in trading volume due to plans in China

On Sunday, the value of Floki (FLOKI) increased by over 10% and its trading volumes reached their highest point in over three weeks. Traders have been betting on the token due to a push for its Valhalla metaverse game in China. The tokens, which are modelled after the Shiba Inu dog breed, saw trading volumes rise to over $60 million, up from last week’s average of $25 million. The increase in value was attributed to the ads for the Floki game that were featured in some Chinese sporting tournaments, which may have attracted speculators who believe it could attract new traders from China. Floki developers also reported an influx of Chinese-based community members on their social media groups. Previously, Floki had announced that it was targeting China for its latest push to attract more users for its Valhalla game. The game’s content and technical documents will be available in both traditional and simplified Chinese, specifically targeting the Chinese gaming market. The “China narrative” has caught on among some on Crypto Twitter, driving up prices of some Asia-focused tokens, such as conflux (CFX) in the past few weeks.

Starting June 1, Hong Kong will allow traders to invest in some tokens, such as bitcoin, ether, and solana, on regulated exchanges in the country. Traders will not be allowed to hold any stablecoins, but the move has fuelled sentiment that wealthy Chinese speculators could soon invest money into the crypto markets. According to Floki core developer @100bviking, “While most major economies are expected to slow down this year, the Chinese economy is projected to grow strongly. J.P. Morgan projects a 4% GDP growth for China in 2023; that’s 2.5 times more than what is projected for the global economy and 4 times more than projected US economic growth.” @100bviking added that “This strong growth will spill over into crypto, especially with Hong Kong legalizing crypto in a few days’ time which is a sign of China warming up to crypto. There is a very high probability that China will drive the next crypto bull run.”

The article was edited by Parikshit Mishra.

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