$600,000 Stranger in Marketing Elon Musk’s Crypto Statue

Tesla CEO Elon Musk appears to have given the cold shoulder a $600,000 monument to him in the shape of a goat — which was created as part of a bizarre crypto marketing ploy.

Delivered to Tesla headquarters in Austin on November 26, the 30-foot, 12,000-pound metal statue of Elon Musk was part of a publicity stunt by Memecoin’s Elon Goat Token (EGT) founders.

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

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

The EGT co-founders, who describe themselves as “Elon Superfans,” said in the project description on their website that they were trying to do something no other Crypto project has dared to do “to get recognition and legitimacy for their project with their own acknowledgment of Musk.”

Unfortunately for the EGEG, however, the $600,000 memorial failed to garner any public recognition from Musk himself, at least on Twitter.

Despite this, there is still plenty of mainstream media coverage, including from the likes of The Wall Street Journal, Business Insider, and The Washington Post.

Lots of musky tokens

There isn’t much information out there about EG and its purpose beyond its January 2022 launch on Binance Smart Chain (BSC), and it has been criticized for its Musk-focused marketing plan and lack of utility shown at launch, according to its white paper.

The token is also one of several Elon Musk-themed tokens that are trying to exploit the entrepreneur’s fame to market their token. Other musky-themed tokens include Dogelon Mars (ELON), spaceTwitterDoge, and elonDogeTwit.

As of writing, EGT has 18,400 followers on Twitter, while Coingecko and Coinmarketcap both list the EGT team, but there is no data regarding market cap. Its price appears to have increased temporarily before dropping to its lowest levels a month after the sculpture was delivered.

According to its whitepaper, EGT claims it is now working on real interest in the decentralized finance (DeFi) space, having migrated smart contracts from BSC to the Ethereum blockchain.

Related: It’s time for cryptocurrency enthusiasts to stop supporting personality cults

Publicity stunts at the highest level have been a popular method for crypto projects over the years.

In 2018, Ukrainian social network ASKfm launched an Initial Coin Offering (ICO) by leaving a wallet with 500,000 tokens at the summit of Mount Everest, the highest mountain above sea level in the world.

At the time, ASKfm tallied the tokens in the wallet at $50,000, an amount calculated by estimating their value once the pre-sale and ICO launch took place.

Another stunt in 2018 saw Epoch Cryptocurrency website owner Wong Ching-kit drop piles of cash from a rooftop in Sham Shui Po, Hong Kong to promote a contest in which participants could allegedly win large cash prizes.

Recently, Rahul Advani, Director of Asia Pacific Policy at Ripple, said that the cryptocurrency will need to move away from “hype cycles” and towards “building real interest.”

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