Elongate Coin: Worthy Investment Or Risky Business?

Elongate is a crypto project that started as a joke based on an Elon Musk tweet. In its first three days, the value of the elongate crypto increased by more than 1000%. While some investors are enthusiastic about its potential, others are sceptical, noting that it is a risky investment.

Elongate crypto's origins and its link to Elon Musk

Elongate Crypto: Origins and Links to Elon Musk

Elongate is a cryptocurrency that was inspired by a tweet from Elon Musk on March 25, 2021. In the tweet, Musk wrote, "If there's ever a scandal about me, *please* call it Elongate." While the tweet was likely meant as a joke, it quickly sparked the creation of a new cryptocurrency, with Lorenzo Andree and others building Elongate as a crypto with a focus on philanthropy.

Elongate aims to differentiate itself from other meme-based cryptocurrencies like Dogecoin by tying itself to charitable causes. The project has plans to support charities like the United Nations World Food Programme, Action Against Hunger, and the Big Green Corporation. It is also tied to an NFT marketplace where 80% of its income will go to charity. Since its launch, Elongate has donated $3,250,000 to various causes, with the community voting on the recipients.

The Elongate crypto takes advantage of the Binance Smart Chain and utilizes TrustWallet for the exchange of assets. It features a 10% transaction fee that rewards holders and donates to charities. The crypto saw a rapid increase in value in its first three days, shooting up more than 1,000%, and has a dedicated community of investors who believe in its potential for growth and its charitable mission.

While Elongate has seen early success and has ambitious plans for the future, it is important to remember that it is still a risky investment. Cryptocurrencies are highly volatile and can fluctuate significantly in value. As with any investment, individuals should carefully research and only invest what they can afford to lose.

Elongate's philanthropic motives

Elongate is a crypto project that began as a parody of Elon Musk's tweet referencing the Watergate Scandal. The project is tied to an NFT marketplace where 80% of its income will go to charity. Elongate has plans to support the United Nations World Food Programme, Action Against Hunger, and the Big Green Corporation. Elongate's philanthropic motives could help legitimize it going forward.

Elongate is also the first charity-focused cryptocurrency. It redistributes wealth to where it's most needed by default and has a sturdy roadmap for where it wants to be. Elongate donated over $2.95 million USD as of June 7, 2021, to various charities around the world, despite being only two months old at the time. The crypto project has also donated millions to charity and has only been going for two months.

The elongate token utility can be summarized into three fundamentals: earn, burn (through token extraction), and charity. The earn aspect of Elongate crypto is backed by the imposed 10% tax for outgoing transactions. Five percent of this tax is redistributed to the community, proportional to the tokens that they hold. This system incentivizes the community of holders, who, in turn, support Elongate to make it a sustainable movement.

The remaining 5% is transferred back as liquidity provider tokens to the PancakeSwap Liquity Pool (LP). On a biweekly basis, 60% of the newly accumulated LP tokens will be removed from the liquidity pool, and a majority of this will be appropriated as proceeds to their chosen charities. Elongate's unique approach to tokenomics ensures they are capable of operating fully sustainably.

Elongate's NFT Launchpad is a platform exchange built upon the Elongate ecosystem that facilitates the tokenization of multimedia art and the ability of their community to trade and own these assets. The team has committed to donating 80% of the NFT Launchpad profits to charitable donations.

Elongate's high-risk nature

Elongate is a high-risk investment. As with any cryptocurrency, there are no guarantees and the value can fluctuate significantly without warning. Cryptocurrencies are notoriously unpredictable, and a coin that is considered a "shitcoin" today could become the people's coin in a few years.

Elongate's origins as a joke or meme further contribute to its high-risk nature. It is unclear if the creators have goals beyond achieving meme status, and there is no white paper outlining their plans and goals. While the team has shown transparency and a commitment to charitable causes, there is a risk that Elongate could remain a "meme coin" and never be taken seriously as a legitimate currency.

Additionally, investing in cryptocurrencies always carries the risk of loss. As such, it is generally recommended to only invest money you can afford to lose and to research a wide range of sources before investing.

Furthermore, the scalability of the project may be challenging. Juggling the various plans and ambitions of the Elongate crypto, such as their focus on philanthropy and their NFT marketplace, may prove difficult for a small team.

Lastly, the high-risk nature of Elongate is evident in the challenges some users have faced when trying to buy or sell the coin. There have been reports of issues with receiving the correct amount of coins and difficulties withdrawing funds. These technical challenges add to the overall risk of investing in Elongate.

Elongate's NFT launchpad

Elongate NFT Launchpad

Elongate NFT Launchpad is a platform exchange built on the Elongate ecosystem that facilitates the tokenization of multimedia art and the trading and owning of these assets. The use of BNB and Elongate tokens is supported on the Launchpad, ensuring low gas fees for users.

The Launchpad has a unique value-added feature reflecting the earning aspect of the Elongate token. NFT holders within the Elongate ecosystem are entered into NFT rare giveaways, giving them a chance to own NFTs of varying rarities backed by a predefined supply and distribution system.

The Elongate team has committed to donating 80% of the Launchpad's profits to charitable causes, a key feature of the Elongate brand. This is in line with the token's utility, which can be summarised into three fundamentals: earn, burn (through token extraction), and charity.

The Elongate crypto project began as a parody of Elon Musk's tweet referencing the Watergate Scandal. It has since grown into an active community of tens of thousands, with a focus on using the power of meme culture to raise awareness of and combat world hunger.

The Elongate token is a BEP20 token issued on the Binance Smart Chain with a total fixed supply of 1 quadrillion tokens. The token's contract address is 0x2A9718defF471f3Bb91FA0ECEAB14154F150a385.

Elongate's tokenomics

Elongate is a crypto project that started as a joke based on an Elon Musk tweet. It is a meme token built under the BSC blockchain. The project is tied to an NFT marketplace where 80% of its income will go to charity.

The Elongate token utility can be summarised into three fundamentals: earn, burn (through token extraction), and charity. The earn aspect of Elongate crypto is backed by a 10% tax on outgoing transactions. Five per cent of this tax is redistributed to the community, proportional to the tokens they hold. The remaining 5% is transferred back as liquidity provider tokens to the PancakeSwap Liquidity Pool (LP). On a biweekly basis, 60% of the newly accumulated LP tokens will be removed from the liquidity pool, and a majority of this will be appropriated as proceeds to their chosen charities.

The burn process has been instituted as part of a manual extraction process occurring every 14 days. In Elongate, the burn has been integrated into a charity-burn system. The initial algorithm is as follows: of the newly accumulated LP tokens (the 5% fee) over a two-week cycle, 60% will be removed from the PancakeSwap Liquidity Pool: half are BNB, half are Elongate. These tokens will then be appropriated to their overarching initiatives in public and transparent wallets, which will be vetted by the community.

The Elongate NFT Launchpad is a platform exchange built upon the Elongate ecosystem that facilitates the tokenisation of multimedia art and the ability of their community to trade and own these assets. The use of BNB, as well as Elongate, will be supported in the NFT Launchpad, ensuring low gas fees for the community.

Elongate is a risky investment. As with any cryptocurrency, its value can go up and down significantly without warning.

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