One tweet from tech billionaire Elon Musk can set the ball rolling for brand spanking new ventures, result in the achieve or fall of shares, and typically even show to be prophetic. Some of his current 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’, out there. It should be underlined that Musk has no affiliation by any means with Elongate aside from one – that it attracts its title from a Musk joke. The digital foreign money, 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 underneath the Richard Nixon presidency, which finally result in his resignation, stated that if there was ever a scandal about him, “please call it Elongate.”
Now nearly three weeks later, Elongate is out there. What started as a joke has now change into a group 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.”
Elongate’s pledge
The new cryptocurrency pledged it might give again 80 p.c 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 web site.
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 stated something but?
The Tesla and SpaceX CEO is but to utter a phrase on the most recent cryptocurrency, his favorite topic of debate of Twitter. However, market specialists know the ability of a Musk tweet and they’re conserving 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 large rally of over 160 p.c within the worth of the digital foreign money. It is presently valued at $0.36, up by 25 p.c within the final 24 hours, in accordance to Coindesk.
It stays to be seen if an Elon Musk tweet will change the sport for Elongate too.
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