Here’s why LOKA crypto rallied over 600% today

LOKA staged a strong rally earlier today as more exchanges pledged their support for its ongoing migration to Arena-Z.

According to data from crypto.news, League of Kingdoms (LOKA) shot up 606% to an intraday high of $0.82 on July 31 before settling much lower at $0.30 when writing. The Ethereum-based gaming token has remained at 74.8% over the past 24 hours, with a market cap of $159 million.

The rally occurred amid a surge in trading activity, with 24-hour volume soaring over 10,000% to $32.4 million, significantly higher than the around $1 million recorded the previous day.

What drove the rally?

LOKA’s explosive rally today comes as the project has officially rebranded to Arena-Z. As part of the transition, holders are swapping their LOKA tokens for A2Z at a fixed swap ratio of 1:20.

Several tier-1 exchanges have supported the migration. Most recently, Binance, the world’s largest cryptocurrency exchange, completed the token swap on July 30 and launched deposits, withdrawals, and spot trading for A2Z.

According to data from CoinGecko, the new token was launched at an initial price of $0.0059. A2Z initially saw a brief rally as trading ensued, but subsequently lost most of its intraday gains and was down roughly 17% at press time.

In addition to Binance, several other top-tier exchanges, including Bitget, KuCoin, Gate.io, MEXC, and Crypto.com, have supported the migration. The coordinated support from major platforms may have helped push LOKA onto the radar of a broader investor base, with traders possibly eyeing one final speculative push to lock in gains before the token is fully phased out.

However, a more immediate driver of the surge was significant on-chain activity by a single whale wallet.

According to data from blockchain analytics platform Arkham, a wallet identified as arena-z.eth withdrew 170 million LOKA tokens from exchanges just two days prior to the rally. At the time, the stash was worth approximately $19.25 million, but has since ballooned in value to $52.56 million as of press time, representing an unrealized gain of nearly $37 million.

The wallet alone now holds about 34% of LOKA’s circulating supply, and its massive withdrawal caused exchange reserves to trigger a 97% drop in exchange reserves, effectively removing most of the available supply from the market and causing a significant supply shock.

With such a dominant share of the circulating supply moved off exchanges, the market likely interpreted the move as a strong signal of conviction, sparking a wave of retail buying. 

Why is League of Kingdoms rebranding?

League of Kingdoms is a Web3 MMO strategy game first launched in 2020. It allows players to build kingdoms, form alliances, and compete in massive online battles

Initially, the LOKA token supported in-game purchases, staking, and governance. However, the development team sought to expand the project beyond a single game. To achieve this, the project rebranded to Arena-Z on July 16, 2025, aiming to build a broader multigame ecosystem.

The new platform now hosts multiple titles, including LOK Chronicle and LOK Hunters, and introduces cross-game rewards, universal progression, and a unified player identity. Arena-Z also integrates with the OP Superchain, enabling faster, low-cost transactions while maintaining Ethereum compatibility.