I don't believe the sudden spike is caused by "good news". There aren't any really good news to be honest
That's what's surprising about this. There's no new use case.
It does seem to be driven by trading from China. Over 90% of the volume is in CNY.
How much of that is real?
Some of this seems to be associated with
MMM Global, which is a Ponzi scheme in China. That can't end well. Since they advertise 100% gain per month, the collapse can't be too far away.
The guy behind MMM Global
did this before.