On Monday, Floki (FLOKI) experienced a staggering 232.83% surge in trading volume, reaching its highest level in over three weeks. This rise was driven by increased interest in the tokens amid a China-focused expansion of its Valhalla Metaverse game. Trading volumes for Floki tokens, inspired by the Shiba Inu dog breed, soared to over $99 million, surpassing the previous week’s average of $25 million.
The game’s advertisements showcased in Chinese sporting tournaments likely attracted speculators, leading to speculation of new traders from China. Floki developers also noted a significant influx of Chinese-based community members on their social media platforms.
Latest Push Toward Attracting More Users
In its recent efforts to expand its user base for the Valhalla game, Floki had stated its focus on capturing the Chinese market. Developers emphasized that the game’s content and technical materials would be accessible in both traditional Chinese and simplified Chinese, tailored specifically for the Chinese gaming market. Ahead of the relaxed regulations for retail trading in Hong Kong, the “China narrative” has gained popularity within the Crypto Twitter community.
This trend has led to price surges for certain tokens with a focus on the Asian market, including conflux (CFX), in recent weeks. Beginning June 1, Hong Kong will permit traders to invest in select tokens such as Bitcoin, Ethereum, and Solana on regulated exchanges within the country. While traders are prohibited from holding stablecoins, this development has sparked speculation that affluent Chinese speculators may soon enter the cryptocurrency markets with substantial investments.
According to core developers at Floki, while most major economies are anticipated to experience a slowdown this year, the Chinese economy is expected to exhibit robust growth. J.P. Morgan forecasts a 4.5% increase in China’s GDP for 2023, which is 2.5 times higher than the projected global economic growth and four times higher than the projected growth in the United States.
This significant growth is likely to positively impact the cryptocurrency market, particularly with the imminent legalization of crypto in Hong Kong, which is seen as a sign of China’s increasing acceptance of cryptocurrencies. There is a high likelihood that China will play a pivotal role in driving the next bull run in the crypto industry.
