Floki (FLOKI) experienced a surge of over 10% in value and a significant increase in trading volumes, reaching over $60 million, due to its Valhalla metaverse game's China-focused marketing campaign.

The game's ads were featured in some Chinese sporting events, attracting speculators who believed it would draw new traders from China. Floki developers reported an influx of Chinese-based community members on their social media groups.

The "China narrative" has gained traction among some on Crypto Twitter, with the upcoming legalization of crypto trading in Hong Kong fueling speculation that wealthy Chinese speculators will invest in the crypto markets.