UK Advertising Standards Authority Bans Meme Crypto Floki Inu Ad; Shiba Inu Rises

The UK’s Advertising Standards Authority (ASA) has banned ads for meme-based crypto named after Elon Musk’s Shiba Inu dog, saying they were “irresponsible”.  

ASA’s official notification stated: “A poster for Floki Inu, a cryptocurrency, seen in November 2021 across the London Underground. The ad had an image of a cartoon dog wearing a Viking helmet. Text stated “MISSED DOGE. GET FLOKI”. Smaller text at the bottom of the ad said, Your investment may go down as well as up in value. Cryptocurrency is not regulated in the UK.” 

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ASA said that the use of an image of a cartoon dog wearing a Viking helmet and the claim “Missed Doge. Get Floki”, exploited consumers’ fears of missing out (FOMO) and trivialised investment in cryptocurrency. “It took advantage of consumers’ inexperience or credulity,” the advertising authority said.  

NFT Action 

In India, the first-ever NFT of a Bollywood movie is set to be introduced soon. US-headquartered Superstar Xchange, in collaboration with Tezos India and TZ APAC, has announced the launch of the NFT ahead of the theatre release of Hindi film ‘Jhund’ starring Amitabh Bachchan and directed by Nagraj Manjule, according to various media reports.  

Meanwhile, in new York City, digital art collecting platform Neon has launched the first in-person non-fungible token (NFT) vending machine, aiming to make online art pieces as easily available as soda or a candy bar, Reuters reported. 

Crypto Prices 

In the cryptocurrency market, the price of Bitcoin (BTC) was up by 1.23 per cent in the last 24 hours, while it was trading at $44,132.46 at 4:45 pm IST. Its dominance in the crypto market is currently at 43.00 per cent, down by 0.09 per cent in the last 24 hours, according to Coinmarketcap.com. 

Ethereum (ETH) was trading at $44,064.41, with a rise of 2.68 per cent in the last 24 hours, while Binance Coin (BNB) was rising by 1.05 per cent over the same period and was trading at $412.51. Solana (SOL) was up by 6.28 per cent to $104.83 and Cardano (ADA) was up by 0.19 per cent to $0.9633. 

Meme Coins   

Among meme coins, Dogecoin was up by 1.65 per cent, and was trading at $0.1347 at 4:45 pm. Rival Shiba Inu was up by 2.65 per cent in the last 24 hours and was trading at $0.00002676. Dogelon Mars was up by 2.53 per cent and was trading at $0.0000008495, while Samoyedcoin was trading at $0.02112, recording a rise of 1.91 per cent in the last 24 hours. 

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Overall Scenario    

The global crypto market cap was at $1.95 trillion, registering an increase of 1.59 per cent in the last 24 hours, while the total crypto market volume was $110.52 billion, down by 5.06 per cent.   

Booby Trap (BBT) became the biggest gainer, recording a rise of 455.13 per cent. It was trading at $0.0007589 at 4:45 pm, as per Coinmarketcap data. In contrast, The LCMS (LCMS) witnessed the maximum loss, falling 96.06 per cent; it was trading at $0.0000782.