Another Elon Musk-inspired meme coin is gaining traction through an aggressive advertising campaign aimed at subway passengers.
Will a third dog-based meme coin achieve notoriety in the cryptoactive markets? Floki – a relatively new cryptocurrency named after Elon Musk’s dog – is on a mission to do just that. Token’s marketing team continued plans to advertise on London’s public transport.
Advertising a Meme.
According to a report from the Financial Times, advertisements saying “Missed Doge? Get Floki“are permeating London tube stations. These ads are supposedly funded through a “tax” about first-time buyers of Floki-Inu.
Floki has been planning these announcements for some time, as posted on the project’s blog last month. To maintain the previous price boost, the team promised to spend $1.5 million on the currency’s marketing.
The latest announcements will hypothetically increase the excitement around the cryptocurrency, while giving it an air of legitimacy. THE “legitimacy” might seem like a challenge for a doge-based digital asset, but the currency gains are nothing to scoff at. After Musk revealed his new dog last month, Floki has more than doubled in value. Its self-reported market capitalization currently stands at over $500 million.
“You have a lot of scammers in this game,” said Saber, the pseudonym of Floki’s head of marketing. He believes the marketing campaign inspires a higher level of consumer confidence to differentiate Floki from these scams.
In addition to the subway, currency advocates have also agreed to run ads in LA and others in Japan, China and Russia. However, given China’s recent ban on all trade in cryptocurrencies in the country, such efforts could be fruitless.
How will this be seen in the eyes of regulators?
Floki’s announcements will likely open a new can of worms for financial regulators. In addition to the technical aspects of a project, they must consider whether new cryptos and tokens advertise themselves as titles or with expected earnings.
Most crypto advertising in the UK is regulated by the Advertising Standards Authority, but not the Financial Conduct Authority. This leaves a worrying regulatory gap, which allows for cryptocurrency advertisements that do not respect investor protection.
Canada has already made great strides in managing advertising in crypto space. Canadian securities managers sent clear advertising guidelines to cryptocurrency trading platforms in September to avoid litigation.