Although dog-inspired meme pieces are generally viewed with suspicion, the recent success of Shiba Inu demonstrates that the investor appetite for them exists.
However, not all Dogecoin clones are created equal. Shiba Inu’s success is partly due to its developing ecosystem, including a DEX, NFTs, staking, and supporting tokens in $LEASH and $BONE, which are live and operational right now.
With Floki Inu lacking similar features, are the people behind wasting their ad spend?
Is Floki Inu the next Dogecoin?
Dogecoin’s monumental rise earlier this year saw it post gains of +15,000% in the five months to May. For this reason, it is understandable that people seek to copy the original.
There’s no shortage of dog-themed token launches right now, including the latest in the neighborhood, FlokiGravity, up 290,000% today. Or Baby Floki Billionaire, which is relatively more established, having started on Binance Smart Chain on October 3, accelerating 1,300% from launch to its all-time high on Saturday.
Rightly or wrongly, as discussed above, an important aspect of their appeal is the potential for creating millionaires that they are supposed to have.
Anxious to cash in, the team behind Floki posted a tweet on Oct. 6 promoting its advertising campaign. It revolves around the tagline “Missed Doge? Get Floki.
“#FLOKI now live on the London Underground!
This is indicative of our plan to make $FLOKI brand one of the best known brands in London and the UK!
FLOKI adverts will also soon be shown on 300 buses in London!”
London public transport users affected by an advertising “aggression”
After speaking to the marketing team, the FT claim that the campaign aims to legitimize Floki Inu in the eyes of the general public.
A rep for the handle “Sabre” said they were looking to inspire trust in the brand. He/she feels it is necessary to separate Floki Inu from the many scam schemes that exist in the cryptoverse.
“These advertising campaigns will run together and will be a complete assault on London’s public transport system.”
Similar ad campaigns are planned to roll out in Los Angeles and Japan, China and Russia.
While Saber said the current campaign is about building trust in the brand, the FT noted that questions about who is behind Floki Inu remain unanswered.
“Floki Inu did not respond to a Financial Times request for comment on who or who controls the project.”
According to its whitepaper, the developers are considering three main projects, namely an NFT gaming metaverse, an NFT marketplace, and an educational platform.
Not only are these projects not individually listed on his roadmap, but based on what he has “checked off”, it’s clear that Floki Inu is far from meeting his whitepaper goals.