Meme coins have been all the rave recently with thousand-percent gains being realized by their investors. The success of predecessors like Dogecoin and Shiba Inu has caused other projects to pop up all over the place, a good portion of which turn out to be scams or terrible projects that just die out. Some have managed to persevere through it all though.
One of the projects that have kept its relevance is Floki Inu. The meme coin had gained popularity following the “Dogefather” Elon Musk announcing the name of his new pet Shiba Inu. Since then, various projects have come out with various iterations and plays on the name Floki. However, Folk Inu has managed to be at the top owing to it being the first to use the name.
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One question that has needed to be answered has been ‘how do you push a coin to the forefront in the midst of thousands of emulators?’ The answer is ads. Different crypto projects on different platforms take out ads to promote their project but the latest placement of Floki Inu ads in London has raised alarm among lawmakers who have questioned the effect ads like this could have on unsuspecting investors.
Lawmakers Ask To Take Down Ads
The London transport system known as Transport for London (TfL) has gotten numerous requests to take down advertisements for cryptocurrencies. Since crypto is still unregulated in the country, it is a free-for-all when it comes to what advertisers can put up. The transport system has been a target for advertisers lately due to the high traffic they see on a daily basis.
FLOKI price trading at $0.00002 | Source: FLOKITUSD on TradingView.com
The ads are placed on the buses and also in underground stations where people board and exit trains. This puts the crypto projects right in front of people with no regard for the risk associated with cryptocurrencies. This has been the reason behind the calls to take down the ads.
Green Party London Assembly member Sian Berry has criticized the transport system for not taking a closer look at the projects before running the ads. She points to the unregulated nature of cryptocurrencies and how risky investing in them can be. “They ought to have had second thoughts,” says Berry. “I don’t think cryptocurrency ads should be on the network.”
Is Floki Inu A Scam?
Like a good portion of the new projects coming into the space, the creators and team behind Floki Inu are unknown. The meme coin space is characterized by these types of projects where creators remain anonymous no matter how well the coin performs.
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This could be indicative of a scam, yet it is not an identifier of a scam. Moreover, the identity of the creator of the leading cryptocurrency, Bitcoin, remains unknown to this day.
However, it is advisable to apply caution when investing in meme coins like Floki Inu. Just like they have a high potential to return massive gains, investors can easily lose their money to what has become known as ‘rug pulls’ in the crypto space.
Featured image from Gfinity Esports, chart from TradingView.com