One tweet from tech billionaire Elon Musk can set the ball rolling for brand spanking new ventures, result in the acquire or fall of shares, and typically even show to be prophetic. Some of his latest tweets about cryptocurrencies, particularly Bitcoin and Dogecoin, are circumstances in level. And now that we’re talking of cryptocurrency, there’s a new entrant, ‘Elongate’, available in the market. It have to be underlined that Musk has no affiliation in any respect with Elongate aside from one – that it attracts its title from a Musk joke. The digital forex, too, mentions on its house web page: “Elongate has no affiliation with Elon Musk.”
How did Elongate come about?
On March 25, 2021, Musk, referring to the Watergate Scandal below the Richard Nixon presidency, which ultimately result in his resignation, mentioned that if there was ever a scandal about him, “please call it Elongate.”
Now nearly three weeks later, Elongate is available in the market. What started as a joke has now change into a neighborhood of over 100,000 holders, Elongate says, including they’re “determined to wield the power and capital of memes and Internet culture to change the face of charitable giving.”
The new cryptocurrency pledged it will give again 80 % of its earnings to charity. “The combination of a philanthropic initiative with cryptocurrency is a major paradigm shift.”
“Elongate strives to become pioneers in this realm,” it says on its official website.
Not simply that, in its very first month, Elongate claims to have already raised over $1 million (roughly Rs. 7.5 crores) for charity. Additionally, in its whitepaper, Elongate says it has plans to arrange funds to assist the United Nations World Food Programme, Action Against Hunger, and the Big Green Corporation.
Has Musk mentioned something but?
The Tesla and SpaceX CEO is but to utter a phrase on the latest cryptocurrency, his favorite topic of debate of Twitter. However, market specialists know the facility of a Musk tweet and they’re maintaining a shut watch on his timeline. Just final Friday, Musk shared a image of the paintings by Joan Miro, a Spanish painter and sculptor on Twitter. And the billionaire captioned it, “Doge barking at the moon.”
What adopted was a huge rally of over 160 % within the worth of the digital forex. It is presently valued at $0.36, up by 25 % within the final 24 hours, according to Coindesk.
It stays to be seen if an Elon Musk tweet will change the sport for Elongate too.
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