By Nathan Ferguson
Crypto meme tokens like Shiba Inu and Dogecoin witnessed an elevation in their valuation during the previous year. This paved a way to broaden the span of the cryptos like Floki Inu, the comparatively economic as well as unique token for likely investors to start with particularly following the bull run of DOGE. This was the very concept at the back of advocating for this token. The advertisement of Floki Inu token was spread over the metro network as well as the buses across London, creating an apprehensive scenario for the regulators across the United Kingdom.
FLOKI Bull Run getting away
The ASA (Advertising Standards Authority) of the United Kingdom prohibited advertisements for the meme token that was named after the Shiba Inu dog of the Tesla CEO Elon Musk. The advertising watchdog reached the finding that the promotional blitz of the meme token was irresponsible. The advertisement showing a picture of an animated dog having a Viking helmet on the head thereof pointed toward the likely hazards.
The advertisements exploited customers irresponsibly out of their fear that they would miss out on the crypto token. In this way, the native advertising standards were violated by trying to exploit through FOMO (fear of missing out). The ASA claimed that the cartoon imagery’s utilization posed that buying crypto was just an ordinary and light-hearted matter thus it misled the customers from the gravity of the investment in the unregulated and volatile crypto token.
An appeal to differ
In the reality, it consisted of a community-owned token and the investors were able to access a financial product that was unregulated as a means for investment in the market of cryptocurrency after 2021’s June. Therefore, several red flags rose with the respective arguments. In a reaction, it was argued by Floki Inu that the advertisement was targeted at the well-versed consumer, and the ordinary consumer – who did not have enough knowledge about investing in crypto – would be improbable to get involved with it.
However, the concept was refuted. Crypto turned out to be a topical and high-profile matter, as it spoke to an open audience. The latest development was witnessed a month following the mention of increasing crypto-ads on the behalf of the Irish regulators. A couple of complaints targeted at the meme token Floki Inu.