Meme Coin Stunt Involving $600K Elon Musk Statue Fails: EGT Token Plummets
- Meme coin inspired by Elon Musk, Elon Goat Token (EGT) crashed more than 30% in the last 24 hours despite adopting a $600,000 marketing scheme which “no other crypto project has dared to do.”
- The statue stood at 30 feet, weighed 12,000 pounds and depicts Musk’s head on a goat’s body with a collar depicting Dogecoin (DOGE), the world’s biggest meme coin.
- It was delivered to Tesla’s Austin headquarters on Nov. 26. but the billionaire entrepreneur did not give any recognition to the same, at least via Twitter.
- The entire project was designed in a such a way that it can be transported via a 50-foot semi-trailer and the statue was drawn and rendered in Los Angeles.
Elon Musk, the founder and CEO of Tesla and SpaceX and the new owner of the social media platform Twitter, has multiple fan tokens and meme coins named after him. However, one of the projects that stood out was the Elon Goat Token (EGT), which made headlines on almost every major media outlet in the past few days due to its bizarre marketing strategy and obsession with the world’s richest man.
The bizarre marketing stunt for the Elon Goat Token project involved the creation of a $600,000 statue of the billionaire, which was delivered to Tesla’s Austin headquarters on Nov. 26. The statue stood at 30 feet, weighed 12,000 pounds, and was part of a marketing strategy created by the co-founders of the meme coin project. However, the stunt failed to receive any recognition from the billionaire entrepreneur, at least on Twitter.
As per data from Bitnation, the meme coin that has been derived from all the things Elon Musk has supported has crashed heavily in the last 24 hours. The price of the EGT token has dropped more than 30% despite a huge marketing stunt that cost the co-founders of the project $600,000.
The statue delivered to the Tesla headquarters depicted Elon Musk with the body of a goat and the structure is shown riding a rocket, representing SpaceX. Meanwhile, the statue can also be seen wearing a collar with Dogecoin (DOGE) on it, representing the billionaire’s obssession with dog-based meme cryptocurrencies.
As per the EGT whitepaper, the entire project was designed in a such a way that it can be transported via a 50-foot semi-trailer and the statue was drawn and rendered in Los Angeles. Additonally, the founders of the project, who are self-proclaimed “Elon Musk Superfans,” said that they aimed to do “something no other crypto project has dared to do.”
The founders also wanted to gain recognition and legitimacy for their meme coin project from Elon Musk, who has yet to make any kind of remark on the marketing stunt. Unfortunately, the crypto project hasn’t been successful when it comes to the price action.
Interestingly, not much is known about the project inspired by Elon Musk except the fact that it has taken a strange road. The project was created in January this year on the Binance Smart Chain (BSC), the official blockchain of the world’s biggest crypto exchange, Binance, which recently contributed to Elon Musk’s Twitter acquisition fund.