London commuters face Floki Inu crypto advert ‘assault’

Floki Inu also plans to advertise in China, Japan, Russia, Vietnam and Indonesia

Oxford Circus underground station                                 
Floki Inu buys ad space on London’s transport network – Photo:Shutterstock
                                

A cryptocurrency named after Elon Musk’s Shiba Inu puppy has unleashed an advertising “assault” on the London transport network.

The Floki Inu crypto adverts have appeared in certain Underground stations, trains and buses with the slogan “Missed Doge? Get Floki”.

The Floki Inu group’s head of marketing, who identifies himself by the alias Sabre, told the Financial Times that this campaign aims to “legitimise” the crypto and boost the “confidence of the average consumer”. Sabre also said: “You get a lot of scam artists in this game”.

In September, Musk tweeted an image of his new puppy called Floki.

The Floki Inu crypto imposes a marketing fee of 4% on buyers. This fee is then used to “onboard A-list influencers” and to help promote the crypto.   

Ads in other countries

In a blog post published last month, Floki Inu has outlined plans to use three separate international marketing agencies to market the crypto in Japan, China, Russia, Vietnam and Indonesia.   

The blog goes on to say that these marketing agencies’ other cryptocurrency clients include FTX, Binance, Algorand and Huobi.

The post also details how the crypto will advertise in Los Angeles for three months, with Floki Inu coin using advertising firm Kevani and Vector Media to market the crypto in the heart of California.

UK watchdog eyes crypto ads

In July, the Advertising Standards Authority (ASA), the UK’s advertising watchdog, identified crypto as a “red alert” priority, as it believes certain adverts for the digital assets are “misleading” for potential retail investors.

The ASA told the Financial Times that in July the body would be actively searching for and taking down misleading crypto adverts. The campaign will focus especially on adverts appearing either online or on social media.

Miles Lockwood, the ASA’s director of complaints and investigation, told the Financial Times: “We see this as an absolutely crucial and priority area for us. Where we do find problems, we will crack down hard and fast.”

The watchdog will be issuing warnings to the companies that create these adverts and may require such firms to include disclaimers on their marketing.

In May this year, the ASA critiqued an advert for crypto app Luno which appeared on buses and the Underground rail network in London.

The ad read: “If you’re seeing bitcoin on the Underground, it’s time to buy”. The advertising watchdog labelled this “misleading”, as it did not attempt to explain the volatility of crypto markets.

Further reading: Shiba inu price analysis 27 October: Is the rally over?

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