Floki Inu (FLOKI) up over 30% despite UK advertising ban

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Key Takeaways

• The price of meme cryptocurrency Floki Inu rallied over 30% on Wednersday.
• U.K’s Advertising Standards Authority (ASA) found FLOKI ads from last year to be “immoral.”
• Cryptocurrency exchange Huobi listed Floki Inu on its trading platform.

YEREVAN (CoinChapter.com) – The price of Dogecoin (DOGE) and Shiba Inu (SHIB) knockoff, Floki Inu (FLOKI), is on a rally. In the last 24 hours, the meme cryptocurrency has surged more than 30% to reach $0.00004802, according to data available on CoinMarketCap. 

The price rebound comes hours after the U.K. advertising watchdog banned a London ad campaign involving FLOKI. The prohibition, it seems, has had a reverse effect on the canine-inspired cryptocurrency. 

In detail, the U.K.’s Advertising Standards Authority (ASA) concluded that advertisements promoting FLOKI on London’s transport system last year were immoral. In particular, the watchdog slammed slogans on the bus and metro network calling on users to invest in the meme cryptocurrency. According to the ASA, the strapline “Missed Doge? Get Floki” took advantage of the naivety of consumers.

The disputed ad campaign included a Shiba Inu dog wearing a Viking helmet. The advertising watchdog claimed it was unethical to play on consumers’ fear of missing out (FOMO). In addition, ASA insisted the advertisement implied that Floki Inu would replicate the meteoric rise of Dogecoin, causing uninformed investors to ignore the risks involved. 

“We considered that the ad took advantage of consumers’ inexperience or credulity. Therefore we concluded the ad was irresponsible and breached the code. We told Floki Inu to ensure that they did not irresponsibly exploit consumers’ fear of missing out and trivialise investment in cryptocurrency.”

 the ASA said. 

Cryptocurrency exchange Huobi lists Floki Inu

In what comes as a strong boost for the meme-coin named after Elon Musk’s pet dog, crypto exchange Huobi has onboarded FLOKI on its system. The official Twitter page of the company announced the development on Twitter.

“Huobi Global is scheduled to list FLOKI (Floki) in the Pioneer Zone on March 2, 2022. FLOKI deposits will open at 04:00 (UTC) on Mar 2. The FLOKI spot trading (FLOKI/USDT) will open when the deposit volume meets the demand of market trading, which will be officially announced in advance,

 the company said on its website.

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In addition, the announcement also informed that FLOKI withdrawals would open at noon (UTC) on Mar 3.

The listing of Floki Inu on one of the most popular exchanges may be the reason behind the recent rally of the meme coin.

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