The alloace flag was created by Tumblr user Varioriented-Pride on March 1st, 2019. It was inspired by the aromantic allosexual flag. The meanings behind the colors were revealed in an edit of the original post for the alloace flag. The purple is taken from the asexual flag (representing a general lack of sexual attraction), red represents romance because it is the complimentary color of the green from the aromantic flag (the latter representing lack of attraction), and the white stripe represents allies or love/relationships.
On July 25th, 2020, Tumblr user Flagify made an alternate alloace flag. Purple, yet again, represents a lack of attraction, red and pink represent love or themes of love, and the blue-ish colors represent community and the "foundation" of which it stands on.