Popular meme coin Floki (FLOKI) gained over 10 percent on Sunday. Today, however, the rate of increase has slowed down a bit. But overall, Valhalla has seen the highest trading volumes in more than three weeks as investors invested in the token amid a China-focused startup for the metaverse game. Here are the details…
The popular meme coin has made a splash
Transaction volumes of tokens inspired by the Shiba Inu dog breed have exceeded $60 million from the $25 million average last week. This increase is due to the advertisements of the game Floki appearing in some Chinese sports tournaments. The world of sports and cryptocurrency surprisingly faced off during the highly anticipated final of the 2023 World Table Tennis Championships.
When enthusiastic fans took to the screen to watch the exciting games, an unexpected sight caught their attention. The meme coin FLOKI was adorning the billboards as a key partner, along with a link to its official website. The excitement created by this unexpected alliance has shocked the cryptocurrency community. It had an immediate impact on FLOKI’s market value, resulting in an increase of over 10 percent.
Floki previously stated that he was targeting China in his latest move to attract more users for the Valhalla game. The developers added that the game’s content and technical documentation will be available in Chinese languages, and they are specifically targeting the Chinese game market. The “Chinese narrative” has been gaining strength lately. Specifically, as we have also reported as Kriptokoin.com, the laws for individual crypto trading in Hong Kong will be relaxed from June 1st. As a result of this expectation, the prices of some Asian-focused tokens such as Conflux (CFX) have increased for several weeks.
The Chinese narrative continues to attract attention
Starting June 1, Hong Kong will allow investors to invest in some tokens such as Bitcoin, Ethereum and solana on regulated exchanges in the country. Investors are not allowed to hold any stablecoins. However, this move has fueled the feeling that wealthy Chinese speculators will soon be pouring money into the crypto markets.
“While most major economies are expected to slow this year, the Chinese economy is projected to grow strongly,” said Floki core developer @100bviking. “JP Morgan forecasts 4% GDP growth for China in 2023. This is 2.5 times higher than projected for the global economy and 4 times higher than the US’s predicted economic growth. This strong growth will be reflected in crypto as well,” he said.
Thus, FLOKI became a hot topic because of its connection with the World Table Tennis Championships. But its lasting success will ultimately depend on the strength of its underlying technology and its ability to maintain investor confidence. In recent months, meme-inspired cryptocurrencies have attracted a lot of attention. Some experienced meteoric highs while others faced sharp declines.
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