Shiba Inu-themed Floki Sees Trading Volume Surge Amid China Plans
Floki (FLOKI) went up more than 10% on Sunday and had its biggest trading volume in more than three weeks.
This was because traders bet on the tokens as the Valhalla metaverse game was pushed in China.
The average value of the tokens, which look like the Shiba Inu dog breed, went from $25 million last week to over $60 million this week.
Some investors might have been interested in this because they thought that the move might bring in more buyers from China.
In a tweet, Floki coders said they noticed a lot of Chinese people joining their online communities.
As was noted before, Floki said that its new effort to get more people to play its Valhalla game was aimed at China.
Developers said at the time that the game's material and technical papers would be available in both traditional Chinese and simplified Chinese. They were also made with the Chines
Some people on Crypto Twitter have bought into the "China narrative" in anticipation of looser rules for private dealing in Hong Kong.
Traders are not allowed to hold any stablecoins, but this has made people think that rich Chinese investors could soon put a lot of money into the crypto markets.
This strong growth will spread to crypto, especially since Hong Kong is about to legalize crypto, which is a sign that China is getting more comfortable with it.