Unusual $600K Elon Musk’s Marketing Ploy With Crypto Monument Fails

Elon Musk, the CEO of Tesla, seems to have ignored a $600,000 monument depicting him as a goat made as part of an odd crypto marketing stunt. The 30-foot, 12,000-pound metal statue of Elon Musk was delivered to Tesla’s Austin offices on November 26 as a part of a PR stunt by the creators of the memecoin Elon Goat Token (EGT). Elon Musk’s head is perched upon a goat propelled by a rocket in the monument. Musk is also depicted in the monument with a dog collar and a Dogecoin token fastened.

The entire project was designed to be roadworthy and transported attached to a 50-foot semi-trailer, as per the EGT whitepaper. Los Angeles is where the conceptual design was sketched and produced. In the project description on their website, the founders of EGT, who identify as “Elon Superfans,” said that they were attempting to accomplish “something no other Crypto project has dared to do” to achieve notoriety and validity for their project through an endorsement from Musk. Unfortunately for EGT, Musk hasn’t made any public comments on the $600,000 memorial, at least not on Twitter.

Despite this, it received a lot of publicity in the mainstream media, including articles from publications like The Wall Street Journal, Business Insider, and The Washington Post. There isn’t much information available about EGT and its goals other than the fact that it was introduced in January 2022 on the Binance Smart Chain (BSC). According to its whitepaper, it has received criticism for its Musk-centric marketing strategy and lack of launch-day functionality.

Additionally, the token is one of several Elon Musk-themed tokens that try to capitalize on the entrepreneur’s notoriety to promote its token. Other coins with a Musk theme include spaceTwitterDoge, Dogelon Mars (ELON), and elonDogeTwit. EGT has 18,400 followers on Twitter as of the time of writing, and although it is listed on both Coingecko and Coinmarketcap, neither site provides information on its market cap. After the statue was delivered, it seemed as though the price briefly rose before falling to a month low.

With the migration of smart contracts from BSC to the Ethereum blockchain, EGT claims to focus on having genuine use in the decentralized finance (DeFi) area. Over the years, extravagant marketing stunts have been a common strategy for crypto businesses. The tallest mountain in the world as part of the 2018 Ukrainian Initial Coin Offering (ICO), ASKfm left a wallet with 500,000 tokens (worth $50,000) on the summit of Mount Everest. 

Another stunt in 2018 had Wong Ching-kit, the proprietor of the Epoch Cryptocurrency website, dropping bundles of cash from a roof in Sham Shui Po, Hong Kong, to advertise a contest where contestants can reportedly win substantial cash awards. The APAC Policy Director for Ripple, Rahul Advani, has said that cryptocurrency needs to move away from “hype cycles” and toward “building real utility.” He added that governments and authorities would examine cryptocurrency legislation much more seriously due to the collapse of FTX.

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