ASSAM (CoinChapter.com) — Floki Inu, a Dogecoin-inspired meme cryptocurrency, announced its partnership with India’s most-followed football club, the Kerala Blasters FC, to go mainstream.
According to the deal, Floki Inu would undertake the role of the Kerala Blasters’ sleeve sponsor as they play in the upcoming season of the Indian Super League.
For the uninitiated, the Indian Super League is the fifth biggest football league globally, with over 130 million fans. On the other hand, the Kerala Blasters FC has more than 2 million followers on Instagram, followed by 1.8 million on Twitter.
The partnership helped Floki Inu report profits. Its price surged by over 50% as of Nov 19, 2:39 pm GMT, followed by a correction as traders decided to “sell the news” to lock their profits.
Will India welcome FLOKI?
The government of India is looking to turn its attention to cryptocurrencies. The Prime Minister, Narendra Modi, in his first public announcement on the subject, called for crypto regulations. Furthermore, the Indian government will only allow selected tokens accessible for trading.
However, it is not clear which tokens the government will allow for listing on exchanges. Furthermore, the government also aims to impose a ban on crypto-relation promotion. As a result, the partnership of Floki Inu with Kerala Blasters might backfire on the token.
Implementing a similar strategy in the UK got Floki Inu in trouble with the Advertising Standards Authority. After promoting the meme coin on city buses and other adverts displaying the slogan “Missed Doge? Get Floki,” the authorities have opened a formal inquiry into the token’s marketing campaign.
