The London Underground has been flooded with advertisements for the meme cryptocurrency Floki Inu. As an offshoot of Dogecoin and Shiba Inu, Floki Inu is yet another crypto token vying for the spotlight.
Named after Elon Musk's dog, the new Inu token is marketed as the next hit crypto. The tagline “Missed Doge? Get Floki” hypes up the cryptocurrency as the next investment surprise. But is it worth the hype?
Floki Inu advertisements will be cracked by by TfL
Reported by Insider, the horde of cryptocurrency advertisements were heavily criticised. The adverts were likened to advertising an MLM pyramid scheme, a common complaint of the cryptocurrency industry.
Additionally, many critics believed the small-scale unregulated currency could be easily manipulated — another common crypto critique. For example, the adverts could bring hundreds of investors that would rise the currency’s value. Then high-ranking owners should cash out. This is called a “pump and dump” scheme.
Head of Commercial Media at Transport for London told Insider that all cryptocurrency adverts need to be expertly reviewed. He said:
“Since 2018, we have asked our advertising partners to refer all cryptocurrency advertising to us for review prior to it running on our estate. When reviewing copy now from cryptocurrency brands who wish to advertise on our estate, we ensure that campaigns contain sufficient information to comply with both our policy and the ASA [Advertising Standards Authority] ruling."
This isn't the first time
Floki Inu is not the first cryptocurrency to be criticised for publicly advertising. Earlier this year, controversial crypto exchange platform Luno was found advertising on London buses. The adverts told viewers “if you're seeing bitcoin on the underground, it's time to buy”.
The UK Advertising Standards Agency quickly cracked down on the advertisements. Not only were the adverts removed, but they were banned. This is because of the volatile nature of cryptocurrency. The ebb and flow of crypto value, especially with meme coins, makes it unethical to advertise investment to those not in the know.