According to the ASA, the Floki Inu advertisements “irresponsibly exploited” customers’ anxieties of missing out and trivialised bitcoin investing.
Ads for a meme-based cryptocurrency named after Elon Musk’s shiba inu puppy were prohibited by the United Kingdom’s Advertising Standards Authority (ASA) as “irresponsible.” Last year, the Floki Inu coin was marketed on buses of London and the metro network with the phrase “Did you miss Doge? Find Floki.” The ad regulator determined that the advertisements “irresponsibly exploited” customers’ fear of losing out and trivialised bitcoin investing.
According to the ASA, Floki Inu said that users who had not acquired dogecoin could invest in a fresh option, hinting that it, too, would likely grow in price fast.
Floki Inu had stated that the ad was intended at the “educated client,” and that the “typical customer” – who was unfamiliar with crypto investing – would unlikely be able to connect with it.
The ASA found, however, that cryptocurrency is a “high profile and current concern,” and the advertisements were directed at a “broad audience.” According to source, the price of Floki Inu, which debuted in July 2021, is USD 0.0000444. On Nov. 4, it reached an all-time high of USD 0.0003437.