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Floki Inu (FLOKI) Joins Meme Crypto Rally, Hits ATH Jumping 100%

UTC by Bhushan Akolkar · 3 min read
Floki Inu (FLOKI) Joins Meme Crypto Rally, Hits ATH Jumping 100%
Photo: Unsplash

Floki Inu is the recent performer in the meme crypto market rally with strong advertising campaigns by its promoters. Floki Inu developers have significantly reduced the transaction tax for faster adoption and growth.

It’s the season of the meme cryptocurrencies in the crypto market. After a staggering rally in Shiba Inu (SHIB) over the last few weeks, Floki Inu joins the club. Floki, the cryptocurrency named after Elon Musk‘s new dog has touched a new all-time high (ATH) of $0.00025. Over the last 48 hours, the Floki Inu (FLOKI) crypto has gained a staggering 400% amid investor frenzy. Floki Inu is a cross-chain token that works on Ethereum as well as the Binance Smart Chain.

Well, the recent price rally in Floki Inu comes on the heels of an aggressive marketing campaign from its promoters. The team has rolled out several adverts in London in a full-on “assault of the London public transportation system”.

Over the last few weeks, physical adverts with the slogan ” Missed Doge? Get Floki” have appeared on trains, buses, and tube stations. In a Medium post last month, the Floki Inu promoters wrote:

“To keep momentum moving, Floki Inu is assaulting the market with very targeted and aggressive marketing campaigns. These advertising campaigns will run together and will be a full-out assault of the London public transportation system.”

Speaking to Financial Times, Floki’s head of marketing said that the advertising campaign will help to legitimize the coin. Besides, it will also help in increasing “the confidence of an average consumer”. The promoters of Floki said that they are spending nearly $1.5 million behind Floki Inu.

This will help in “continued development of the Floki Inu ecosystem”, “onboarding influencers”, “strategic ads”, and “sending Floki Inu tokens into space”.

Floki Inu Hits ATH amid the Regulatory Hurdles

While Floki has been going after aggressive marketing campaigns, regulators could be having a close watch. In a tweet thread earlier this week, Floki Inu developers spoke of all the developments actions initiated by them.

The developers noted that regulatory concerns were one of the key reasons for removing the royalty-like rewards element. This is because royalty-like payments can appear as unregistered securities to the regulators. Talking about regulatory compliances, the Floki Inu developers said:

“Regulatory compliance is something the #FLOKI team is very particular about. We’ve consulted several prestigious crypto lawyers and the general sentiment is that reflections give FLOKI attributes of a security. We’re in talks with several major CEXs about listing #FLOKI. For these exchanges, compliance is the number one priority. In other words, even if there is the off chance that FLOKI would be deemed a security, a listing will be difficult.”

Furthermore, Floki Inu developers have significantly reduced the transaction tax for faster adoption and growth. The transaction tax has been reduced to 3% on both – Ethereum and Binance Smart Chain. The Floki Inu developers said: “Lots of data sources we analyzed indicate that high tax is preventing many, especially whales, from buying #FLOKI token as a 16% tax is not very sustainable for them to get in or out easily at our market cap. This is also hindering volume which has an effect on CEXs as well”.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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