Elongate, the new cryptocurrency created in honor of Elon Musk

Anyone can create a new cryptocurrency and name it whatever they want, it is another thing for the world to use it, but creating it, technically speaking, is not difficult.

The fact is that Elon Musk has been talking a lot about cryptocurrencies lately on his Twitter, mainly about Bitcoins and Dogecoin, and every time he makes a comment, the value of them goes up like foam.

Now there is a new cryptocurrency in honor of Elon Musk, Elongate, although they make it very clear that Musk has no association with it, except for one: that it takes its name from a Musk joke.

How did Elongate come about?

On March 25, 2021, Elon Musk, referring to the Watergate scandal under Richard Nixon, said that if there was ever a scandal about him he wanted to be called Elongate.

This was enough for Elongate to be born as a currency, surely waiting for Elon Musk to make a reference in his accounts and the value of it to grow.

What does Elongate intend?

Now it’s a community of over 100,000 holders, and they say they want to wield the power and capital of memes and internet culture to change the face of charitable giving.

The new cryptocurrency promised that it would return 80 percent of its income to charity.

Combining a philanthropic initiative with cryptocurrencies is a major paradigm shift.

In his first month, Elongate claims to have raised more than $ 1 million for charity. In addition, in its whitepaper, Elongate says it has plans to establish funds to support the United Nations World Food Program, Action Against Hunger, and the Big Green Corporation.

The CEO of Tesla and SpaceX has not yet commented on the issue, although it is all a matter of time.

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