Floki Inu ($FLOKI), a meme cryptocurrency whose name was inspired by Elon Musk’s dog and that is rivaling Shiba Inu ($SHIB) in terms of popularity, has seen its price surge over the last few weeks after an ad campaign it launched went viral.
As CryptoGlobe reported, Floki Inu launched a campaign on London’s public transport system with the slogan “Missed Doge? Get Floki” in a bid to “legitimize” the cryptocurrency and increase the “confidence of the average consumer” to buy it, according to the project’s head of marketing, which went by Sabre.
The campaign is set to be joined by others promoting the cryptocurrency in Los Angeles, Japan, China, and Russia. Floki Inu’s advertising budget comes from a 4% fee imposed on new buyers. The tokens are used for “onboarding influencers” and to “further develop and grow the Floki ecosystem.” The Financial Times reports the project’s marketing wallets have peaked at $3.5 million to spend.
It’s worth noting there is no indication Elon Musk is in any way involved with the project. Earlier, responding to a user asking whether he held any $FLOKI, Musk said that he only bought BTC, ETH, and DOGE. Nevertheless, FLOKI’s price has exploded over 200% in the last few weeks, going from $0.0000605 to $0.000256, according to CryptoCompare data.
The London ad campaign has nevertheless gone viral on social media, to the point Floki has been trending on Twitter over the last few days.
According to data from Ethereum blockchain explorer Etherscan, there are now over 35,000 FLOKI token holders and the cryptocurrency’s market capitalization is now above $2 billion. In comparison, the number of wallets holding SHIB has surpassed the 800,000 mark while its market cap is now over $38.4 billion.
Shiba Inu’s price performance has seen an investor who bet $8,000 on it have its stash grow to be worth over $5.7 billion at one point. SHIB has become the third-most Googled cryptocurrency so far this year. A study has shown Shiba Inu received 2.8 million searches on average per month so far this year, while bitcoin received 22 million average monthly searches. In second place came Ethereum, with 6.3 million average searches per month.
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