Elongate Crypto: Is It A Smart Investment Decision?

Elongate is a cryptocurrency project that began as a parody of Elon Musk's tweet referencing the Watergate Scandal. In just the first three days of its existence, the value of Elongate shot up by more than 1000%. The project has since ballooned into an active community of tens of thousands of people who intend to leverage meme culture to raise awareness of and combat world hunger. Elongate is a meme token built under the BSC blockchain, and 80% of its income will go to charity. However, it is important to note that cryptocurrency investments are unpredictable and risky. As of 23 September 2021, the token had a circulating supply of 475.6 trillion and a market capitalization of $13.4 million.

Elongate crypto's philanthropic goals

Elongate is a Swiss social impact startup and cryptocurrency. It is a frictionless yield and liquidity generation token that donates significant sums to charity and aims to bridge the gap between those who need help and access to aid. The Elongate ecosystem works by giving a 10% transaction fee to reward holders and donating a significant sum to philanthropic purposes.

Half of the fee is sent to the community, proportional to the number of Elongate tokens they hold. The other half goes to the PancakeSwap Liquidity Pool (LP). Every week, 60% of the accumulated tokens are distributed to various charities. As of 23 September 2021, total Elongate crypto charity donations amounted to $3,490,000. The project raises money for various notable organizations, including Youth Hospital Care, Patients in Need with ZHC, Action Against Hunger, and The Ocean Cleanup, to name a few.

Elongate has also helped the Human Relief Foundation and Give India raise $2 million. The latter is a Covid-19 relief effort in South Asia after a catastrophic outbreak. It donated $150,000 to the National Kidney Foundation as per their weekly donations scheme. Elongate has also contributed to great organizations with The Giving Block and worked with their partners to promote crypto charity adoption.

Elongate has completed a seed contribution to the Malala Fund, which was established by Malala and Ziauddin Yousafzai in 2013 to ensure every girl can study and lead. The fund’s board, leadership council, staff, and advocates ensure all girls can attend school. Malala Fund invests in education advocates and activists that challenge anti-girl laws and practices.

Elongate has been phenomenal in showcasing and utilizing all its resources to help those in need. It was established to give a hopeful message around the globe through the influence of cryptocurrency. Its development of charitable organizations in the initial time since its introduction to the market is evidence of its importance and benefits. The upcoming generation can study Elongate and learn a lot from its vision and goals.

The risks of investing in Elongate

Elongate is a cryptocurrency that began as a joke based on an Elon Musk tweet. It has since developed into a philanthropic project with a focus on leveraging meme culture to raise awareness and funds for charitable causes. While this unique approach has garnered Elongate some attention, there are several risks associated with investing in this particular cryptocurrency.

Firstly, Elongate is a very new cryptocurrency, having been launched on 25 March 2021. As such, it has yet to establish itself in a highly competitive market with over 7,000 other cryptocurrencies. The lack of a long-term track record makes it difficult to predict the future performance and stability of Elongate.

Secondly, the value of Elongate has been extremely volatile in its short existence. It experienced a rapid increase in value of over 1,000% in its first three days, but has since seen significant price swings and a gradual decline in value. Such volatility makes it a risky investment, as the value of the currency can fluctuate drastically in a short period.

Thirdly, Elongate has lost initial investor interest, as evidenced by the decrease in trading volume from its peak of $64.69 million in April to $89,540 on 23 September 2021. This loss of interest could impact the liquidity and long-term viability of the currency.

Additionally, there are concerns about the centralisation of Elongate. While the majority of LP tokens are locked, there is a risk that over time, a particular address could accumulate a significant portion of these tokens. If the private key to this wallet is mishandled, it could negatively impact the entire project.

Lastly, the nature of the cryptocurrency market itself is highly speculative and unregulated. As pointed out by analyst Mikhail Karkhalev, the industry has a history of scam projects and inexperienced investors, which increases the risk of investing in any cryptocurrency, including Elongate.

In conclusion, while Elongate has an interesting approach to combining meme culture and philanthropy, investing in this cryptocurrency carries significant risks. Potential investors should carefully consider these risks and conduct thorough due diligence before making any investment decisions.

Elongate's origins as a joke

Elongate Crypto's origins as a joke are tied to a tweet by Elon Musk on March 25, 2021. The tweet, which said, "If there's ever a scandal about me, *please* call it Elongate", was a reference to the Watergate Scandal. The crypto project was thus born as a parody of this tweet.

Elongate Crypto is a meme token built under the BSC blockchain. It has no official ties to Elon Musk or his company, SpaceX. However, the crypto community has embraced the joke and run with it, with tens of thousands of people coming together to form an active community. This community intends to leverage meme culture to raise awareness of world hunger and combat it.

The Elongate Crypto community has set ambitious goals, including plans to support the United Nations World Food Programme, Action Against Hunger, and the Big Green Corporation. They also aim to establish their own NFT launchpad and tie it to an NFT marketplace, with 80% of its income going to charity.

Whether Elongate Crypto will succeed in these endeavours or remain a joke in the eyes of the public remains to be seen. Its rapid increase in value in the first three days after its launch thrilled early investors, but it is still too early to tell if it will achieve long-term success.

The process of buying Elongate

Elongate is a relatively new cryptocurrency, so it is not available on large exchange platforms such as Coinbase and Binance. However, there are several ways to purchase Elongate on the internet. Here is a step-by-step guide on how to buy Elongate:

Step 1: Create a Binance Account

Binance is the largest cryptocurrency exchange platform. You can log in or create an account on the Binance website or mobile app.

Step 2: Deposit Money and Buy BNB

Deposit some money (in dollars or euros) and exchange it for BNB, the native cryptocurrency of the Binance platform. It is generally easier to do this on the mobile app.

Step 3: Download the Metamask Wallet Extension

The next step is to download the Metamask Wallet web extension and connect your BNB to the Metamask Wallet using a Binance Smart Chain. You can do this by going to Metamask > Settings > Networks > Add Network.

Step 4: Withdraw BNB and Send to Metamask Wallet

Withdraw the BNB you purchased on Binance and send it to your Metamask Wallet. This process may take a few minutes, but your money is not lost if you selected everything correctly.

Step 5: Buy Elongate on PancakeSwap

Finally, you can use PancakeSwap to buy Elongate. Follow the button on elongate.co, set the desired amount for the swap, and select slippage between 11-12%.

Note: If you cannot find the Elongate token in your Metamask Wallet, click on the Meta Mask Website Extension, select "View in Explorer", scroll down, open the "BEP Token" tab, find the Elongate token, copy the contract address, and add a custom token by pasting the address into the address form.

Additional Ways to Buy Elongate

In addition to the above method, you can also buy Elongate directly on the following platforms:

• LBANK
• Bitmart

On Bitmart, you can create an account, complete the verification process, select the "USD Market", choose the ElONGATE/USDT pair, select the amount of USD you want to use to buy Elongate, and complete the payment process.

While Elongate is a new cryptocurrency with a unique concept, it is important to remember that all investments carry risk. Before investing in Elongate or any other cryptocurrency, be sure to do your own research and only invest what you can afford to lose.

Elongate's price history

Elongate crypto began as a joke based on an Elon Musk tweet. In its first three days, the value of the cryptocurrency shot up by more than 1000%, increasing the value of each Elongate coin to roughly $0.00000004045 USD.

As of 2nd September 2024, Elongate's price was $0.0006795 USD, with a 24-hour trading volume of $25,785. Elongate's price was unchanged in the last 24 hours.

On 15th September 2024, Elongate's price rose by 100% in the last hour, 24 hours, and week.

As of 24th September 2024, Elongate's price was $0.000000001532 USD, with a 24-hour trading volume of N/A. Elongate's price was again unchanged in the last 24 hours.

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