If you look at the exchange, sure China is buying up every dead coin known to man at the moment.
If you look at MEC's blockchain however, there is not a lot of MEC being sent from wallet to wallet.
So yes, there are "reasons" the price is up, but probably not why you think.
with the low value attatched to MegaCoin why the hell would you even bother to spend it?
If you remotely believe MegaCoin will have a resurgence then trading at these prices is robbing yourself.
I think that's a major problem for a lot of old coins. Valuations drop on a loss of investor confidence then the trading volume drops because those who believe it might comeback refuse to dump at low prices or for a loss.
If some people with deep pockets figure this out they can go buy up the available supply on 'dead' or 'hibernating' coins and breathe life into the market at an extreme profit. I believe has been happening and will continue.
I do not believe there is a resurgence at all. The handful of old dead coins that recently skyrocketed all have one thing in common, they trade almost exclusively on btc38.com
So my thinking is that the "deep pockets" are not buying MEC and the others because they fans of the coins themselves.
Something else is going on.