Elon Musk is undeniably famous, not only for his wealth but his moves as well. Recently, he proposed to buy the micro-blogging website Twitter, a deal that may or may not materialize in the coming days.
In the cryptocurrency space as well, a tweet by Musk on any token may result in a sharp rally or fall in its value. The total market cap of cryptoassets is under stress this year, with CoinMarketCap reporting it as nearly US$1.81 trillion as of writing.
Most major assets, including BTC and SHIB, had a negative year-to-date (YTD). But this has not prevented new assets from being launched.
One such asset claims to honor Elon Musk. Let’s know more.
What is the Elon Goat Token project?
The official website of Elon Goat Token clearly mentions its intention to seek the attention of Mr Musk. The project claims that it will build a monument, titled Elon Goat, for which it has already collaborated with contractors and designers.
The creators of Elon Goat token also mention that the monument will eventually be presented to Elon Musk, something that might draw the attention of enthusiasts. The website or the whitepaper of the Elon Goat project does not have any other purpose aside from building the monument.
The token’s use is to further its construction. Though the launch of NFTs is stated, there seems to be no defined roadmap as of now.
Also read: 3 popular NFTs to look at as Coinbase launches social NFT marketplace
What is Elon Goat Token (EGT)?
The whitepaper of EGT mentions that the token is a way to fund the building of the monument. It claims that donations would be categorized in separate tiers, with certain donors’ names also “engraved” on the monument.
EGT is the ticker, and it is stated to have a total supply of 10 billion tokens. On CoinMarketCap, EGT’s market cap has yet to be ascertained. The price per token was nearly US$0.0016 as of writing, with an over 10 per cent rise in the past 24 hours. Since its listing on CoinMarketCap in January this year, EGT token has had a volatile run.
Also read: How is Cronos (CRO) token linked to Crypto.com exchange?
Elon Goat token price prediction can be speculative as there is not enough data to rely on. Besides, even major assets like BTC and DOGE can show extreme price volatility.
Data provided by CoinMarketCap.com
Bottom line
Elon Goat token or EGT, for now, seems to have its primary focus on building a monument in the honor of Elon Musk. EGT tokens are a step in the same direction. The project is in very early stages, and the best way to move ahead is by employing caution. EGT token can be traded on PancakeSwap. Though the price of this cryptoasset has recently gained, defying the bearish trend in most other assets, trading could be risky.
Also read: Top 3 NFTs by market cap other than BAYC and CryptoPunks
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