The marketing campaign that featured the ad that read “MISSED DOGE, GET FLOKI,” which has been around since last November, has been banned by the United Kingdom’s advertising authority.
Floki in this case refers to the meme coin by the name of Floki Inu, created just this last June. The name for this project comes from Tesla and SpaceX’s CEO Elon Musk when he announced that his Shiba Inu puppy would be named Floki at around roughly the same time.
Now, per the ASA, which stands for the Advertising Standards Authority, the Floki campaign has been deemed “irresponsible” for mainly 2 reasons by the regulator.
First and foremost, the challenge issued by the ASA was that the text the ad featured essentially “exploited consumers’ fears of missing out and trivialized investment in cryptocurrency.” The 2nd challenge insinuated that the advertisement “took advantage of consumers’ inexperience or credulity.”
The legal entity behind the memecoin, Floki Ltd. however, denied both challenges, stating that the ad “did not create a sense of urgency for the average consumer,” adding to their statement that they only launched the campaign after the Committee of Advertising Practice, or the CAP, confirmed the “ad complied with the CAP Code.”
The ASA’s challenges remained upheld despite the responses from the project, as the advertising watchdog made its conclusion that “the ad must not appear in the form complained about.”