Will a third dog-based meme coin reach notoriety in the crypto markets? Floki – a relatively new cryptocurrency named after Elon Musk’s dog – is on a mission to do so. The token’s marketing team has followed through on plans to advertise on public transport in London.
Advertising a Meme
According to a report from the Financial Times, adverts reading “Missed Doge? Get Floki” are permeating London’s underground stations. Such adverts are supposedly funded through a ‘tax’ on first-time Floki-Inu buyers.
Floki has been planning these adverts for a while now, as stated on the project’s blog last month. In order to keep up previous price momentum, the team promised to spend $1.5 million on marketing the coin.
The latest adverts will hypothetically increase enthusiasm around the cryptocurrency while giving it an air of legitimacy. “Legitimacy” may seem to fly in the face of a doge-based digital asset, but the coin’s gains are nothing to scoff at. After Musk revealed his new dog last month, Floki more than doubled in value. Its self-reported market cap currently sits at over $500 million.
“You get a lot of scam artists in this game,” said Sabre, the alias of Floki’s head of marketing. He believes the marketing campaign instills a higher level of confidence in consumers to set Floki apart from these frauds.
Besides the subway, the coin’s backers have also agreed to billboard advertisements in LA and others in Japan, China, and Russia. However, given China’s recent ban on all crypto trading in the country, such efforts may prove fruitless.
How Will This Fly With Regulators?
Floki’s ads are likely to open up a whole new can of worms for financial regulators. Besides the technicalities of a project, they must consider whether new cryptos and tokens advertise themselves as securities or with the expectation of profits.
Most crypto ads in the United Kingdom are regulated by the Advertising Standards Authority, but not the Financial Conduct Authority. This leaves a concerning regulatory gap that allows for cryptocurrency ads that don’t respect investor protection.
Canada has already made great strides towards managing advertising in the crypto space. The Canadian Securities Administrators sent clear advertising guidelines to Crypto Trading Platforms in September to avoid litigation.