Elongate
 | |
| Industry | Cryptocurrency |
|---|---|
| Founded | 2021 |
| Website | elongate |
Elongate, popularly known as memecoin, is a charity startup powered by its own cryptocurrency - the ELONGATE token. It was launched on March 26, 2021, fueled by a viral tweet from Elon Musk. Elongate token is a BEP20 deflationary token issued on the Binance Smart Chain. As a philanthropic venture, Elongate aims to power a social impact movement by leveraging community action and blockchain technologies.[1][2][3][4]
Since its inception, Elongate has acquired over 400,000 holders and has donated over $3,250,000 to multiple charitable organizations. Despite its name, the cryptocurrency is not affiliated with investor Elon Musk.[5][6][7]
Elongate has been featured in several media outlets including Forbes, India Today, Business Insider, Crypto News, Vice, Republic World, Coin Telegraph and others.[8][9][10][11][12]
History
Elongate was started after Elon Musk, an entrepreneur, tweeted that if he were implicated in a scandal, it should be labeled "ElonGate," an allusion to the Watergate incident. It was created with the aim to merge the cryptocurrency domain with that of community service. Initially Elongate had an initial supply of 1 quadrillion tokens.[13][14]
Elongate leverages smart contracts, AI, and cryptocurrency to eradicate the inefficiencies present in the current world state addressing issues related to education and poverty. As of May 2021, it has begun to be traded on the cryptocurrency exchange Bitmart at 4 AM EDT. Elongate charges a 10% fee on all transactions, half of which is given to token holders, while the remaining 5% is donated to charity.[15][16][17]
Within the first three weeks of its launch, Elongate has successfully donated over $1 million to several non-profit organizations including Children International, Action Against Hunger, and The Ocean Cleanup. Since its inception, the company has been abiding by its startup pledge of giving 80% of its income to charities.[18][19]
In May 2021, Elongate donated $150,000 to the EB Research Partnership, before that it had May donated $400,000 to Big Green.[20] As of June 2021, the organization had donated over $3 million to several charities including the Human Relief Foundation, Color The Spectrum, and GiveIndia.[21]
Apart from that Elongate also launches charity parties on the Twitch platform to raise money for non-profit causes. The company has organized these live streams with several prolific people including Livestream with Kevin Longino, founder CEO of National Kidney Foundation, Kimbal Musk.[22]
Products and services
Elongate, as a cryptocurrency, aims to facilitate profitable investments for the buyers with the added benefit of helping them contribute for the greater good. Elongate as a non-profit organization, aims to work diligently towards elevating the global community focusing on education, poverty, and several other necessary causes.
In the media
References
- ↑ NoidaApril 19, Sarthak Dogra. "ElonGate, a joke by Elon Musk on Twitter, is now an official cryptocurrency". India Today. Retrieved 14 August 2021.
- ↑ "7 Awesome Meme Cryptocurrencies Besides Dogecoin". MUO. 8 May 2021. Retrieved 14 August 2021.
- ↑ World, Republic. "What is the Elongate crypto? How to buy Elongate cryptocurrency?". Republic World. Retrieved 14 August 2021.
- ↑ "New Cryptocurrency Token ELONGATE Pledges a Total of US$1,000,000 to Various Charities". AP NEWS. 22 April 2021. Retrieved 14 August 2021.
- ↑ "crypto market prices ass coin superdoge billionaires prosper and fall". www.bloomberg.com. Retrieved 14 August 2021.
- ↑ "To the Moon: How One Cryptocurrency Made People Millions Overnight". www.vice.com. Retrieved 14 August 2021.
- ↑ "The World's Largest Charity Cryptocurrency ELONGATE Announces Kimbal Musk Interview and EB Research Partnership Donation". AP NEWS. 20 May 2021. Retrieved 14 August 2021.
- ↑ "Dobroměna. Token Elongate věnuje jeden milion amerických dolarů charitě". Forbes (in čeština). 24 April 2021. Retrieved 14 August 2021.
- ↑ Viñas, Sandra (22 April 2021). "Elongate, la nueva criptomoneda creada a partir de una broma de Elon Musk que ya ha recaudado más de un millón de dólares". Business Insider España (in español). Retrieved 14 August 2021.
- ↑ Rose, Derek (22 April 2021). "Asscoin vs Elongate: Sh*tcoins proliferate as crypto mania boils over". Stockhead. Retrieved 14 August 2021.
- ↑ "Tesla & SpaceX CEO Elon Musk Inspired the Creation of Elongate Charity Crypto Token". TESMANIAN. Retrieved 14 August 2021.
- ↑ "The World's First Social Impact Cryptocurrency ELONGATE Announces Incorporation". AP NEWS. 27 July 2021. Retrieved 14 August 2021.
- ↑ "Elongate: Market Rereads Bitcoin FUD Playbook & Waits For The Next Tweet". cryptonews.com. Retrieved 14 August 2021.
- ↑ "2021 Bitcoin Conference reflects interest in virtual money". La Prensa Latina Media. 5 June 2021. Retrieved 14 August 2021.
- ↑ "Stankevicius MGM Review: ELONGATE Enters BitMart - 12:53:21 10 May 2021 - News article | London Stock Exchange". www.londonstockexchange.com. Retrieved 14 August 2021.
- ↑ Conway, Luke. "How Greed and a Lack of Education Caused Bitcoin To Crash". The Street Crypto: Bitcoin and cryptocurrency news, advice, analysis and more. Retrieved 14 August 2021.
- ↑ "ELONGATE Announces a US$25,000 Donation to the Malala Fund". AP NEWS. 15 July 2021. Retrieved 14 August 2021.
- ↑ "The rise of crypto charities: Elongate and Munch raise millions for various causes". Cointelegraph. Retrieved 14 August 2021.
- ↑ "TikTok Influencer Apologizes After Promoting Scam 'Mando' Cryptocurrency". Gizmodo. Retrieved 14 August 2021.
- ↑ PhD, Aisha I. Abdullah. "Elongate Donates $150K to EB Research Partnership's #CryptoForCures". epidermolysisbullosanews.com. Retrieved 14 August 2021.
- ↑ Rearick, Brenden; Apr 23, InvestorPlace Assistant News Writer (23 April 2021). "Want to Find the Next Dogecoin? These 7 Meme Cryptos Are Rocketing Higher". InvestorPlace. Retrieved 14 August 2021.
- ↑ "NKF and Charity Cryptocurrency ELONGATE Host Livestream". National Kidney Foundation. 26 May 2021. Retrieved 14 August 2021.