A tweet by the tech billionaire Elon Musk can raise funds for new businesses, causing stocks to rise and fall, and sometimes even proves to be a prophecy. Some of his recent tweets about cryptocurrencies are a good example, especially Bitcoin and Dogecoin. Now we are talking about cryptocurrency, and there is a new entrant “Elongate” in the market. It must be emphasized that Musk has nothing to do with Elongate, the only difference is that it comes from Musk’s jokes. The digital currency also mentioned on its homepage: “Elongate has no affiliation with Elon Musk.”
How is the elongation produced?
On March 25, 2021, Musk mentioned the Watergate scandal during President Richard Nixon’s presidency (which eventually led to his resignation) and said that if there is a scandal about him, “please call it Elongate.”
Now about three weeks later, Elongate enters the market. Elongate said that it started as a joke and has now become a community of more than 100,000 holders, adding that they are “determined to use the power and capital of memes and Internet culture to change the face of charitable donations.”
The promise of elongation
The new cryptocurrency promises to return 80% of its income to charities. “The combination of charity programs and cryptocurrency is a major paradigm shift.”
It said on its official website: “Elongate strives to be a pioneer in this field.”
Not only that, Elongate claimed to have raised more than US$1 million (approximately 7.5 million rupees) for charity in the first month of its establishment. In addition, in its white paper, Elongate stated that it plans to set up funds to support the United Nations World Food Program, Action Against Hunger, and large green companies.
Does Musk have something to say?
Tesla and SpaceX CEOs have yet to make any comments on the latest cryptocurrency, which is his favorite Twitter discussion topic. However, market experts know the power of Musk’s tweet, and they will pay close attention to his schedule. Just last Friday, Musk shared pictures of the works of Spanish painter and sculptor Joan Miro on Twitter. The billionaire captioned it: “Doge barking at the moon.”
Then there was a sharp rise in the value of the digital currency by more than 160%. According to Coindesk’s data, its current value is $0.36, which has grown by 25% in the past 24 hours.
Whether Elon Musk’s tweets will also change Elongate’s game remains to be seen.
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