Floki Inu ($FLOKI), a meme cryptocurrency whose name was inspired by Elon Musk’s dog, has launched a major advertising campaign on London’s public transport system with funds taxed on the cryptocurrency’s buyers.
Throughout London’s public transport system, there are now adverts with the slogan “Missed Doge? Get Floki” in a bid to “legitimize” the cryptocurrency and increase the “confidence of the average consumer” to buy it, according to the project’s head of marketing, which went by Sabre.
Speaking to the Financial Times, Sabre noted that there are a “lot of scam artists” in the cryptocurrency space. On Medium, Floki Inu’s promoters wrote the advertising campaign will run together with others planned for Los Angeles, Japan, China, and Russia.
Floki Inu’s advertising budget comes from a 4% fee imposed on new buyers. The tokens are used for “onboarding influencers” and to “further develop and grow the Floki ecosystem.” The Financial Times reports the project’s market wallets now have more than $3.5 million in cryptoassets to spend.
It’s worth noting there is no indication Elon Musk is in any way involved with the project. Earlier, responding to a user asking whether he held any $FLOKI, Musk said that he only bought BTC, ETH, and DOGE.
Meme-inspired cryptocurrencies have been surging over the last few months with Shiba Inu ($SHIB) moving up over 900% in the last 90 days amid token burns, whale buying, and a petition to be listed on Robinhood.
Shiba Inu has a total supply of one quadrillion and was created by a pseudonymous entity going by “Ryoshi.” 50% of its total supply was locked on decentralized exchange Uniswap at the start.
The project sent the remaining tokens to Vitalik Buterin to be “burned,” but Buterin later sent 50 trillion SHIB, then worth $1 billion, to India’s Covid Crypto Relief Fund.
Over time, SHIB was listed on several major cryptocurrency trading platforms including Binance, Coinbase, Crypto.com, eToro, and others. Notably, a petition asking commission-free trading platform Robinhood to list it now has over 340,000 signatures.
SHIB’s price has also been surging as whales keep on accumulating the cryptocurrency. According to available data, SHIB whales have been influencing the cryptocurrency’s price, as when whale transactions above $100,000 occur, prices rise.
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