Elongate is the world’s newest cryptocurrency, paying tribute to billionaire Tesla and SpaceX founder, Elon Musk.
Musk’s social media jokes about various cryptocurrencies, such as Bitcoin and Dogecoin, have seen their value rise multiple times, with new ones being developed every day.
‘Elongate’ is the latest entrant into the meme crypto market, spawned from a joke by the man himself.
Here’s everything you need to know about it.
What is Elongate?
A new cryptocurrency by the name of Elongate has recently been gaining a lot of attention online.
While the digital currency gets its name from Musk, he has no actual association with it.
The Elongate website even states: “Elongate has no affiliation with Elon Musk.”
The ‘Elongate’ concept started with a tweet on March 25th, 2021 by Elon Musk.
In reference to the ‘Watergate Scandal’ which eventually led to president Richard Nixon’s resignation, Elon told his Twitter followers that if he is ever involved in a scandal, they should call it ‘Elongate’.
Three weeks later, one eager fan set up the Elongate website, which now has a community of over 100,000 holders.
What has Elongate said?
As per the official Elongate website, the crypto is a frictionless, high yield, deflationary coin made on the Binance Smart Chain.
On their official website, Elongate pledged it would give back 80 percent of its income to charity. “The combination of a philanthropic initiative with cryptocurrency is a major paradigm shift.”
“Elongate strives to become pioneers in this realm.”
It claims that in its first month, it has already raised $1million for charity.
The website adds it is “determined to wield the power and capital of memes and internet culture to change the face of charitable giving.”
Has Elon Musk said anything about it?
Elon has not yet responded to the Elongate news.
However, The Boring Company founder’s tweets carry a lot of weight to them.
Experts know that one post could send the value of Elongate skyrocketing.
Just last week, Musk shared a picture of the artwork of Joan Miro, a Spanish painter and sculptor on Twitter.
He captioned it,”Doge barking at the moon.”
Soon after, the value of the digital currency increased by 160 percent.
What is safemoon?
Safemoon is another new cryptocurrency to burst on to the digital scene, shooting up in value 130 percent in the past few days.
Not a huge amount is known about it, although it is technically a DeFi token – which stands for ‘decentralised finance token.’
Essentially, Safemoon aims to disrupt the finance world by enabling people to follow and lend in peer-to-peer networks, without needing a bank.
It also taxes sellers 5% and distributes the funds among those who hold onto their coins.
It’s worth noting that cryptocurrencies are risky business, and come with no guarantee of making money.
People are encouraged to understand the risks before getting involved.