Trading volume of Shiba Inu-themed coin “Floki” soars ─ Investors bet on its spread in China | coindesk JAPAN | Coindesk Japan

Shiba Inu-themed FLOKI soared more than 10% on May 28, hitting its highest trading volume in over three weeks. Traders bet on the token in anticipation of the spread in China of the metaverse game Valhalla, which uses the token.

Trading volume for the Shiba Inu breed-themed token surged from $25 million last week to more than $60 million. This increaseChinese table tennis match broadcastIt seems to be due to the fact that the advertisement of “Floki” was reflected in. That may have attracted some speculators who thought it might attract new traders from China.

Floki developers say social media groups have seen an influx of Chinese community memberstweeted.

Floki Project has previously announced that it is targeting China as its latest effort to acquire users for Valhalla. The game’s content and technical documentation will be available in both Traditional and Simplified Chinese, specifically targeting the Chinese gaming market, the developer added at the time.

Ahead of Hong Kong’s easing of restrictions on cryptocurrency trading, “stories about China” have spread among some people on Crypto Twitter, and in recent weeks, Conflux (CFX) and other Asian media outlets have increased the price of tokens focused on

Starting June 1, Hong Kong will allow traders to invest in tokens such as Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) on regulated exchanges in the country. While you can’t own a stablecoin, the move raises the specter that wealthy Chinese traders may soon pour money into the cryptocurrency market.

“The Chinese economy is projected to grow strongly this year while most major economies are expected to slow down,” Floki core developer 100bviking said in a Twitter DM to CoinDesk. “JP Morgan forecasts China’s GDP growth of 4% in 2023, which is 2.5 times the global economic growth forecast and 4 times the US economic growth forecast.”

“This strong growth will also spill over to crypto assets. In particular, Hong Kong will legalize crypto assets in a few days, which is also a sign that China will embrace crypto assets. China will launch the next crypto bull run. It is very likely that it will be towed,” 100bviking added.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜Original: Shiba Inu-Themed Floki Sees Trading Volume Surge Amid China Plans