A “Chinese currency pump” is coming?

While the ongoing uptrend is still in its infancy, the cryptocurrency space has already experienced an AI-, LSD- and ZK-centric boom. Should we be getting ready now for the fourth “story” of Q1?

Excited for upcoming “Chinese coins”

In recent days, a growing number of crypto Twitter experts have predicted an imminent “Chinese token pump.” This is largely due to deregulation in Hong Kong and the prospect of “quantitative easing” in China.

It has been found that massive liquidity injections from the People’s Bank of China (PBoC) coincided with increases in cryptocurrency market capitalization. In addition, the announcement of Hong Kong’s virtual asset service provider (VASP) licensing regime, which may be launched as early as June 1, 2023, has also aroused public interest in “China currency”.

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Neither catalyst should be overestimated, though: the actual scale of the “money printing” remains to be seen, and Hong Kong’s licensing won’t directly affect retailers.

In addition, the concept of “Chinese coins” seems too vague. However, people don’t want to miss out on this small uptick and are actively looking to profit from it.

Andrew Kang of Mechanism Capital pointed to several tokens that might fit this story.

The core utility cryptocurrencies of Asian centralized exchanges such as Huobi Token (HT), KuCoin Token (KCS), Gate Token (GT) and OKX Token (OKB) have attracted much attention.

It should be noted that the first waves of this euphoria have already appeared. The “Chinese polygon” CoinFlux (CFX) rallied 140% in a few days, while OKB surged to a new all-time high following the OKBChain announcement.

Chinese Ponzi scheme consumes the most gas on Polygon

At this stage, the “Chinese coin” story seems highly speculative.

Some DeFi experts have been anticipating the way projects are willing to “rebrand” their tokens as “Chinese brands.”

Also, the story of China’s Ponzi Avatar consuming more gas on Polygon than all Binance (BNB) wallets on the network is far from over.

Although Avatar has been replaced by cryptocurrency game Planet IX — its two modules combined consume 2.65% of Polygon’s total gas — the China-centric MLM still ranks in the top 10. Polygon is the most active.

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According to USA Today

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