en
Back to the list

Elon Musk-Inspired Meme Coin Aggressively Advertised In London

source-logo  blockster.com 27 October 2021 19:53, UTC

According to the Financial Times on Wednesday (October 27, 2021), the team behind the Floki Inu coin is taking advantage of the London Underground and bus system to advertise the meme token, considering the millions of people in the United Kingdom capital who use public transportation. The slogan “Missed Doge? Get Floki” can be seen on buses, Underground stations, and trains in the city.

The advertising campaign follows an earlier Medium blog post in September, stating that there would be an “aggressive marketing” of Floki Inu, beginning in October. The team said the “advertising campaigns will run together and will be a full-out assault of the London public transportation network.”

Apart from London, the Floki Inu coin will also be marketed in the Los Angeles metropolitan area, which has over 18 million residents and 50 million annual visitors. The Los Angeles metro area advertising for Floki will be a three-month campaign beginning in October, with the promoters utilizing billboards and the transportation system.

While the meme token name was inspired by the name of the Tesla CEO’s Shiba Inu dog, there is no evidence that Musk is involved in Floki Inu, unlike his involvement in Dogecoin. The promoters of Floki Inu finance their aggressive marketing as a result of a four percent marketing fee imposed on buyers.

The Floki Inu campaign is the latest cryptocurrency advert to run in the UK. However, the authorities have been known to be strict regarding crypto marketing. Back in March, the Advertising Standards Authority (ASA), a self-regulatory advertising agency in the UK, banned a bitcoin advert by the cryptocurrency exchange platform, Coinfloor.

According to ASA, there were complaints against Coinfloor’s ad, which stated that it targeted retirees. The bitcoin campaign appeared in a local newspaper called Northamptonshire Telegraph and featured a Coinfloor customer who gave a testimony on how she had invested a portion of her pension into BTC via the exchange platform.

However, apart from the ad allegedly being misleading, the complaints brought before ASA said the advert failed to state the risk associated with bitcoin investment.

Later in May, ASA concluded that a cryptocurrency ad by another exchange platform Luno, was misleading, following complaints received by the agency. The advertisement which was displayed across the London buses network and the London Underground said “if you’re seeing Bitcoin on the Underground, it’s time to buy.”

According to ASA

"We considered that consumers would interpret the statement “it’s time to buy” as a call to action and that the simplicity of the statement gave the impression that Bitcoin investment was straightforward and accessible."

Concerning the Floki Inu ad, Transport for London, a UK local government agency that operates London's transport system, said

"It is the client’s obligation to ensure its ads are compliant to run in the UK. It is not TfL’s responsibility to carry out due diligence on the individual or entities themselves.”

Meanwhile, ASA said that it has not received any complaints about the Floki Inu campaign.

According to the Financial Times report.

blockster.com