In March, Elon Musk made a joke about Elongate, and surprisingly it is now a cryptocurrency. No wonder his tweets can start new projects or hike or fall the stocks. One of the best examples is Elongate which is the new entrant in the market. It may be highlighted that Elon Musk has no connection with Elongate except that it inherits its name from a joke cracked by him. This has also been mentioned on digital currency’s page that “Elongate has no affiliation with Elon Musk”.
It was on March 25, 2021, that Elon Musk referred to the Watergate Scandal which happened under the presidency of Richard Nixon. This eventually led to his resignation. Musk requested that if there was ever a scandal about him, it should be called “Elongate”.
Now after 3 weeks, what began as a joke is in the market and has become a community of over 100,000 holders. Elongate has pledged that it would give back 80% of its income to charity. Its official website mentions that Elongate strives to become pioneers in that realm.
Also, the new digital currency claims to have already raised over $1 million (approximately Rs. 7.5 crores) for charity in its very first month. Further in its whitepaper, it says that Elongate plans to set up funds to support Action Against Hunger, the United Nations World Food Programme, and the Big Green Corporation.