Anyone can create a new cryptocurrency and give it any name they want, today we’ve learned that Elongate has actually become a reality.
The thing 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, their value goes up like crazy.
Now there is a new cryptocurrency in the name of Elon Musk, although they make it very clear that Musk has no association with it. But it takes its name from a Musk joke.
Where Elongate name comes from?
On March 25, 2021, Elon Musk, referring to the Watergate scandal under President Richard Nixon, said that if there was ever a scandal about him he wanted it to be called Elongate.
This was enough for Elongate to be born as a currency, surely people are hoping that Elon Musk will make some reference in his accounts and the value of the coin will grow.
What does Elongate aim to do?
This coin has a community of over 100,000 holders, and they say they want to harness the power and capital of memes and internet culture to change the face of charitable giving.
The new cryptocurrency promised to return 80 percent of its revenue to charity.
Combining a philanthropic initiative with cryptocurrencies is a major paradigm shift.
In its first month, this cryptocurrency claims to have raised more than $1 million for charity. In addition, Elongate says it plans to set up funds to support the United Nations World Food Program, Action Against Hunger, and Big Green Corporation.
The CEO of Tesla and SpaceX has yet to make a statement on the matter, although it’s all a matter of time.
