Musk, CEO of Tesla, appears to have disregarded a $600,000 statue of him as a goat, which was commissioned as part of a weird cryptocurrency marketing ploy. The 30-foot, 12,000-pound metal statue of Elon Musk was delivered to Tesla’s Austin offices on November 26 as part of a publicity stunt by the creators of the meme coin Elon Goat Token (EGT).
Elon Musk’s head is mounted on a goat’s body, and the goat is riding a rocket. Musk is also depicted on the statue with a dog collar adorned with a Dogecoin DOGE. The entire project was built to be transported in a 50-foot semi-trailer, as stated in the EGT white paper. The preliminary sketches and computer animation were created at the City of Angels.
The creators of EGT, who call themselves “Elon Superfans,” claimed in their project description that they wanted to get Musk’s approval by doing “something no other Crypto project has dared to attempt.” Unfortunately for EGT, the $600,000 memorial hasn’t even been acknowledged by Musk himself, at least not on Twitter. Nonetheless, it was widely covered by major news outlets such as the Wall Street Journal, Business Insider, and the Washington Post.
Plenty of Musk-Themed Tokens
According to its own white paper, EGT was released in January 2022 on the BNB Smart Chain and has been attacked for its Musk-centric marketing approach and the lack of utility provided at launch. The token is one of many that use Elon Musk’s notoriety to boost their own value. Tokens like Dogelon Mars (ELON), spaceTwitterDoge, and elonDogeTwit all have Musk-related themes.
Although it is listed on CoinGecko and CoinMarketCap, the current market cap for EGT is unknown. The cryptocurrency has 18,400 Twitter followers as of this writing. After the statue was delivered, its price appeared to rise briefly before falling to monthly lows.
As stated in its white paper, EGT is currently focusing on bringing actual utility to the decentralized finance (DeFi) field by moving smart contracts from the BNB Smart Chain to the Ethereum blockchain. It’s become common practice for crypto ventures to engage in hyperbolic forms of marketing.
The Ukrainian social media platform ASKfm started its initial coin offering (ICO) in 2018 by depositing a wallet containing 500,000 tokens on the summit of Mount Everest. ASKfm estimated the worth of the tokens in the wallet at $50,000 prior to the ICO and pre-sale launching. Owner of the Epoch Cryptocurrency website, Wong Ching-kit, pulled a similar trick in 2018 by dropping bundles of cash down a roof in Sham Shui Po, Hong Kong, to promote a competition in which entrants might supposedly win substantial sums of money.
Recent comments by Ripple’s APAC policy director Rahul Advani agree that the cryptocurrency industry needs to stop focusing on “hype cycles” and start “creating actual benefit.” The failure of FTX, he said, will cause governments and regulators to examine crypto rules more thoroughly.
Tesla’s CEO seems unconcerned by a goat statue of himself that cost $600,000 and was commissioned as part of a strange cryptocurrency marketing stunt. Elon Musk‘s 30-foot, the 12,000-pound metal statue was delivered to Tesla’s Austin offices on November 26 as part of a PR stunt by the developers of the meme token Elon Goat Token (EGT).
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