A tweet by tech geek Elon Musk has inspired a new cryptocurrency, Elongate. Earlier in March, Tesla Ceo tweeted that if there was any scandal about him, it should be called “Elongate.”
A group of Musk fans have now created a new cryptocurrency that goes by the name Elongate. The creators of the Elongate token have said that the purpose is to promote the meme and internet culture and also to raise funds for charities.
The new token is already successful in raising over a million dollars in charity. A BEP 20 token developed on the Binance chain, 80% of the income from Elongate tokens will go towards charity. The total token supply is fixed at 1 Quadrillion (10^15) tokens.
Elongate is gaining popularity, much of the inspiration comes from the success of the meme cryptocurrency Dogecoins which started as a joke and has now made its way to the list of top 10 cryptocurrencies by market cap. Last week Dogecoin prices saw an unexpected 400% jump in just 48 hours.
Will Elongate be equally successful as Dogecoins, is a question of the future. However, one thing we can be sure about is that a tweet from Mr Musk about Elongate could make these tokens go booming.
Before making any investment decision, it is important to note that though the name is inspired by Mr Musk’s tweet, Elon Musk is not associated with this newfound token.