Floki Inu price rises sharply after news from China

Floki Inu (FLOKI), one of many “dogcoins” based on Dogecoin (DOGE), saw a significant price increase over the weekend. This has everything to do with the great interest in FLOKI from China. Floki Inu focuses strongly on the Chinese market with their new Valhalla video game.

Floki focuses on China

The developers of Floki Inu previously indicated that they are focusing on the Chinese gaming market for their Valhalla game. For example, the new game was advertised at several Chinese sporting events, as seen below. An influx of Chinese users was also observed on Floki Inu’s social media channels.

The FLOKI price rose as much as 20% over the weekend to peak at $0.00003611, but has since bounced back to $0.0000333. The focus of the Floki Inu marketing team on the Chinese market is no surprise. In recent weeks, things have been bubbling in China, and especially in Hong Kong. From June 1, crypto exchanges can apply for an official license in Hong Kong.

There has been considerable speculation that this could potentially welcome the Chinese consumer market to the crypto sector. Investing in crypto is officially banned in China. However, a crypto offering in Hong Kong would provide wealthy Chinese investors with an opportunity to invest in the digital assets.

Does China have crypto plans?

Formally, Hong Kong is an independent state. But it can be argued that the Chinese government is pulling the political strings in Hong Kong. A few months ago, we even speculated that the emergence of a crypto sector in Hong Kong could be a testing ground for China. Whether that is really the case, only the future will tell.

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China also published a ‘Web3 whitepaper’ last week. This white paper should lay the foundation for the development of the Web3 sector in the country. Initially this was called great news for crypto. Crypto is officially banned in China. Upon closer inspection, it turned out that the white paper does not relate to crypto. It does mention the metaverse and artificial intelligence.

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