Floki Inu launches expensive ad campaign in London as price soars 70%

Floki Inu launches expensive ad campaign in London
image from medium.com

Key Takeaways:

  • Meme crypto Floki Inu stormed London public transport with posters, urging the people to purchase the token.
  • The advert campaign payed off, as the digital asset surged over 70% on Oct 27, only to decline hours after.

YEREVAN (CoinChapter.com) – Floki Inu, the meme coin named after Tesla CEO Elon Musk’s Shiba Inu puppy, started an ‘aggressive’ advertising campaign and flooded the London public transportation with banners reading “Missed Doge? Get Floki.” As a result, the price of Floki Inu rallied over 70% and established a fresh all-time high, according to the price-tracking website CoinMarketCap.

Floki Inu on CoinMarketCap.com
Floki Inu shoots to a record high. Source: FLOKI on CoinMarketCap.com

The team behind Floki Inu announced their intention to “assault the market with very targeted and aggressive marketing campaigns” in late September. In Addition, Floki will spend an estimated $3.5 million on the said campaign, which could include not only The Smoke but also downtown Los Angeles, Japan, Russia, and China.

As of publication, the London underground and over 300 buses carry the posters, heightening “consumer protection worries.”

UK financial services regulator Financial Conduct Authority (FCA) disapproves of such exposure. The chairman Charles Randell called for “urgent action” to stop risky and fraudulent crypto schemes from luring investors. The Advertising Standards Authority (ASA) also plans to crack down on “misleading crypto marketing” to protect the general public.

Meanwhile, Michel Van de Poppe, a Netherlands-based crypto analyst and the CEO of consultancy platform Eight Global, spotted a Floki tram in Amsterdam as the campaign oozed into other European cities.

Also read: Elon Musk tweets both Dogecoin and Floki Inu into a spike; which one will last?

Good day for bulls indeed, as the Floki Inu price exploded over 70% and peaked at $0.00016 on the crypto exchange Poloniex before sliding back to $0.00010.

Floki Inu Price Daily Chart

The sharp surge sent Floki’s relative strength index (RSI; momentum indicator at the bottom of the chart) far into the ‘overbought’ territory. In hindsight, the RSI shows how traders perceive the momentum of an asset. For example, an RSI of above 70 can trigger a sell-off wave, as the traders might choose to secure their gains and pull the bets.

Floki Inu Price Daily Chart
Floki already eyes a red candle after an explosive rally. Source: FLOKIUSDT on TradingView.com

Additionally, FLOKI registered a golden cross between the 20-4h exponential moving average (EMA-20) and the 50-4h EMA. In detail, the golden cross happens anytime a short-term MA establishes a dominant position over a long-term MA. It is a bullish formation. The bias will hold for as long as the short-term MA can stay in the lead.

Also read: Elon Musk sends Floki Inu (FLOKI) price up nearly 100% with a picture of his new Shiba puppy Floki.

As it often happens with meme-coins, the rally might subside after the hype settles down. The upcoming sessions will show if Floki Inu can hold its gains. As of the moment, the meme coin declined to $0.000088 and eyes a resistance line at $0.000084. If the downtrend continues, FLOKI could retest the resistance as support and start a new leg up.

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