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Bizarre $600K Elon Musk crypto statue marketing stunt falls flat

Tesla CEO Elon Musk has seemingly given the cold shoulder to a $600,000 goat-shaped monument of him – created as part of a bizarre crypto marketing ploy.

The 30-foot, 12,000-pound metal statue of Elon Musk, delivered to Tesla’s Austin headquarters on Nov. 26, was part of a publicity stunt by the co-founders of the memecoin Elon Goat Token (EGT).

The statue features the head of Elon Musk on the body of a goat riding a rocket. The statue also sees Musk wearing a dog collar with a Dogecoin (DOGE) token attached.

According to the EGT white paper, the entire project is designed to be roadworthy and attached to a 50-foot semi-trailer for transportation. The conceptual design was drawn and rendered in Los Angeles.

The founders of EGT, self-described as “Elon Superfans,” said in the project description on their website that they are trying to do “something no other Crypto project has dared to do” to gain recognition and legitimacy for their project get with an acknowledgment from Musk.

Unfortunately for EGT, however, the $600,000 monument received no public acknowledgment from Musk himself, at least on Twitter.

Despite this, it still received a lot of mainstream media coverage, including from the likes of The Wall Street Journal, Business Insider and The Washington Post.

Lots of Musk themed tokens

There is not much information about EGT and its purpose, except that it launched on the Binance Smart Chain (BSC) in January 2022, and was criticized for its Musk-centric marketing plan and lack of utility that appeared at launch, according to his own white paper.

The token is also one of many Elon Musk-themed tokens that try to exploit the entrepreneur’s fame to market his token. Other Musk-themed tokens include Dogelon Mars (ELON) and spaceTwitterDoge and elonDogeTwit.

At the time of writing, EGT has 18,400 followers on Twitter, while Coingecko and Coinmarketcap both list EGT, but neither has data surrounding its market cap. The price appeared to rise momentarily before falling to monthly lows following the delivery of the statue.

According to its white paper, EGT claims that it is now working to have real utility in the decentralized finance (DeFi) space, by migrating smart contracts from BSC to the Ethereum blockchain.

Related: It’s time for crypto fans to stop supporting cults of personality

Over-the-top publicity stunts have been a popular method for crypto projects over the years.

In 2018, the Ukrainian social network ASKfm launched an initial coin offering (ICO) by leaving a wallet with 500,000 tokens on top of Mount Everest, the highest mountain above sea level in the world.

At the time, ASKfm calculated the tokens in the wallet at $50,000, a sum calculated by an estimate of their value once the presale and ICO launch.

Another stunt in 2018 saw Epoch Cryptocurrency website owner Wong Ching-kit drop stacks of cash from a rooftop in Sham Shui Po, Hong Kong to promote a contest where contestants allegedly won huge cash prizes could win

Most recently, Ripple’s APAC policy director Rahul Advani argued that crypto will need to move away from “hype cycles” and toward “building real utility.”

He explained that the fall of FTX will prompt regulators and governments to scrutinize crypto regulations much more closely.

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