Floki Inu, a digital currency named after Elon Musk’s dog, has begun a huge ad campaign on London’s public transportation system. ‘Missed Doge? Get Floki’ is the slogan used in the ad. As per Floki’s head of marketing under the alias Sabre, the goal of the branding effort is to legitimize the currency and create trust in potential clients.
‘These advertising campaigns will run together and will be a full out assault of the London public transportation system,’ the meme coin’s promoters stated.
According to its website, roughly $1.5 million is planned to be directed toward marketing for targeted and aggressive campaigns to get FLOKI listed on high-level exchanges and ‘onboard A-list influencers.’
The advertising effort is being financed through the 4% marketing fee collected from its new buyers. Marketing campaigns in Los Angeles, China, Japan and Russia have been planned as well.
Since crypto assets are not regulated like traditional investments, London’s Financial Conduct Authority’s (FCA) tight system for promoting investments does not apply to them. However, FCA chair Charles Randell warned about the risks of holding speculative tokens.
‘If you buy them, you should be prepared to lose all your money,’ Randell said.
On the other hand, the Advertising Standards Authority (ASA), the UK’s independent advertising regulator, promised to use its powers to combat deceptive crypto marketing.
The agency affirmed that it received no complaints regarding Floki Inu. However, it would examine its advertisements to ensure that they accurately depicted the dangers associated with investing in the meme coin.
First released on the Ethereum blockchain, Floki Inu is now supported on the Binance Smart Chain. It will feature three utility projects: an NFT game metaverse called Valhalla, an NFT and item marketplace called FlokiPlaces, and a content/education platform called Floki Inuversity.
There is no sign that Elon Musk is involved with the venture and made no comment upon request from the Financial Times. Floki Inu also did not reply to the publication’s question on who is in charge of the project.
However, it claims to be the only crypto project linked to the Million Gardens Movement, a non-profit group that aims to combat food insecurity. The organization is managed by Elon Musk’s younger brother, Kimbal Musk, who is also a Tesla board member.