As a reminder, Floki Inu is an altcoin inspired by the "dog-themed" Dogecoin project, which billionaire Elon Musk has been actively promoting for almost a year. In addition to Floki Inu, Shiba Inu has also gained huge popularity in recent months, managing to break into the industry's top 10 projects in terms of capitalisation.

It is important to note that the hype for such ‘dogged’ coins has now subsided. At the very least, Shiba, which is still posting 79432089 per cent returns over the past year, is not feeling its best in November. After updating to a price high of $0.00008616 on 28 October, the coin moved into a correction phase.

Shiba Inu exchange rate chart for the last month

As a result, in thirty days, the coin has 67 percent growth, but in the last two weeks, a 22 percent drawdown. So for now, investors are clearly in no hurry to get involved with the subject of animals in the cryptocurrency niche. And regulators are taking advantage of the situation.

What cryptocurrencies are being criticised for

Here’s a quote from an ASA speaker on the investigation, published by news outlet Decrypt.

While I cannot go into detail at this time, I can confirm that we are currently investigating cryptocurrency advertising.

Cryptocurrency advertising on the London Underground

In addition to the Underground, ASA officials may issue an opinion to ban cryptocurrency advertising in general on all public transport in the UK capital. And this is a very interesting point – advertisements for various altcoins, including Dogecoin, can indeed be seen a lot on London buses.

Read also: The US Securities and Exchange Commission has launched an investigation into cryptocurrency exchange Uniswap.

According to Sian Berry, it is against ethics to advertise investment instruments that carry high risks for ordinary citizens. However, many of the local advertisements do specify that investing in crypto could result in a big loss of money.

Floki Inu’s price rise over the past 90 days

Note that this is not the first time cryptocurrency advertising has been problematic in Britain. In particular, in May 2021, the UK Advertising Standards Authority banned advertisements for cryptocurrency exchange Luno that said “it’s time to buy Bitcoin”. At the time, it also spoke of the dangers of this investment instrument, which has the ability to fluctuate sharply in price.

Luno exchange ad

Similar negative warnings about the downsides of crypto investing were recently voiced by Reserve Bank of Australia payments policy chief Tony Richards. During his address to the Australian Corporate Treasury Association, Richards raised concerns about the high volatility of the crypto market and the amount of capital invested in meme-coins, i.e. joke coins with links to various memes.

Here is his rejoinder, cited by Cointelegraph.

The recent boom in this area is best illustrated by the fact that Dogecoin, a cryptocurrency created as a joke in late 2013, reached a capitalisation of $88 billion in June this year. And the Shiba Inu token, devoid of any useful function, ranked ninth in the cryptocurrency capitalisation ranking at all.

Reserve Bank of Australia payments policy chief Tony Richards

Richards also said that the public attention attracted to cryptocurrencies in 2021 was “undoubtedly fuelled by celebrity tweets and opinion pieces” – a clear hint of the activity of that same Ilon Musk. That said, the financier made no remarks on the current pace of Bitcoin and altcoin adoption in Australia.


We believe that advertising cryptocurrency exchanges on trending coins like Dogecoin makes sense for platforms, because such projects attract huge attention from newcomers, are on the radar of investors, and as a result generate volumes and commissions for exchanges. However, such "non-serious" cryptocurrencies can also plummet - and novice investors need to take that into account as well.

For now, however, the platforms continue to stand their ground and follow greater profits. In particular, the Coinbase exchange app was renamed "Coinbase: trade BTC, ETH and SHIB in late October."

Coinbase app signature in the App Store

Look for even more interesting news in our Millionaire Cryptochat. There we will discuss other important developments that are affecting the decentralisation industry.