- FLOKI’s trading volumes shoot to $60 million amid a massive influx of Chinese users for its Valhalla metaverse game.
- FLOKI is strategically positioned for Hong Kong and China opening up to crypto, with developers sharing the China plan.
On Sunday, May 28, the Shiba Inu-themed cryptocurrency Floki Inu (FLOKI) made a major move by gaining more than 10 percent. The memecoin witnessed its highest trading volumes in over three weeks which jumped to over $60 million, up from the $25 million average last week.
The massive spike comes amid the China-focused push for its Valhalla metaverse game. This FLOKI price surge happened as ads for the Valhalla game appeared in some Chinese sporting tournaments. This might have attracted several speculators who hypothesized that the move could have attracted traders from China.
Floki Inu Focuses on the Chinese Market
Floki Inu developers also acknowledged that the move saw a strong influx of China-based community members on their social media groups. In previous reports, Floki said that it’s aiming for China push with the goal of attracting more users to its Valhalla metaverse game.
We’ve gotten an influx of Chinese traffic today due to the CCTV-5 feature, and we want to remind you that $FLOKI is strategically positioned for Hong Kong and China opening up to crypto.
Below is our “China Plan”, which highlights our strategy for China:https://t.co/Zn7NDGdQ6q
— FLOKI (@RealFlokiInu) May 28, 2023
Also, Floki has said that the game’s content as well as technical documents shall be available in both – traditional as well as simplified Chinese. Back then, the developers stated that with this, they specifically seek to target the Chinese gaming market. Big players are betting on China as Hong Kong seeks to relax crypto rules for investors. In a message to CoinDesk, Floki core developer @100bviking said:
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.
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.
Floki Inu Current Developments and Challenges
Last week, Floki Inu became part of the Binance innovative zone as the memecoin got listed on one of the world’s largest crypto trading platforms along with PEPE. Following the rapid success of memecoin PEPE, the recent introduction of Floki on Binance’s exchange demonstrates the sustained interest in meme coins within the crypto community.
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Unlike many other meme coins, Floki Inu sets itself apart by providing tangible utility to its coin holders. However, the inherent challenge with meme coins lies in their extensive token supplies, which can hinder price growth and introduce higher investment risks. As a result, tokens associated with projects that offer practical applications and proven utility tend to be favored for long-term investments.
As of press time, FLOKI is trading at $0.000034 and has a market cap of $323 million. Floki Inu has another major challenger in the market dubbed Pikamoon. Pikamoo offers a unique value proposition by being a memecoin and a GameFi token with practical applications in the real world.
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