Is Elongate Crypto A Good Investment or a shitcoin?

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Elongate is a crypto project that began as a parody of Elon Musk’s tweet referencing the Watergate Scandal. Elongate Crypto was inspired by Elon Musk tweet himself when he said,

If there’s ever a scandal about me, please call it Elongate

What is Elongate Crypto Coin

elongate crypto

It has since ballooned into an active community in the tens of thousands who intend to use the power and leverage of meme culture in order to raise awareness of and combat world hunger.

Elongate crypto is a meme token built under BSC blockchain, inspired by Elon Musk’s tweet himself, but no details as to whether or not Elon Musk is behind the Elongate crypto project.

The Project is tied with an NFT marketplace which 80% of its income will go to charity. Combining building a meme community with good deeds through the power of the people is what Elongate is all about.

ElonGate began as a meme, inspired by a viral tweet from our favorite billionaire at the forefront of revolutionizing
cryptocurrency. The events that transpired after our establishment saw the formation of a community spanning 25,000 people a number that is constantly growing.

In 2021, the battle against the global pandemic has forced the world to embrace digital initiatives in a parabolic trajectory.

Today, ElonGate aims to harness our chance to self-reflect and channel this into charitable acts that could help make the world a better place. Built upon the ElonGate token ecosystem, corporate social responsibility is integral to ElonGate’s identity.

For this reason, various fellows have rallied behind us – influencers across many channels, private investors looking to support their chosen charities, and even a correspondence request by the New York Times

Did Elon Musk create Elongate Crypto?

elon musk elongate

There’s no trace to whether or not Elon Musk is behind the Elongate Crypto Project. Thus, it is well known that Elon Musk is a great fan of Cryptocurrency. But as seen in the Elongate Token whitepaper, Elon Musk has nothing to do with the Elongate Crypto project as of now.

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Is Elongate Crypto A Good Investment?

This is not a YES/NO question, cryptocurrency investments are thus unpredictable, a shitcoin today may turn out to be the people’s coin in few years to come. Investment in cryptocurrency involves risky.

By investing you are putting your money on risk, so be careful and wise, please. No matter how many platforms you use, investing is always a risky thing to do, so never use your only savings.

The only money which you are sure you won’t need in short term. Invest only with money which you can afford to lose

Elongate Token

ElonGate Crypto ($ElonGate) is a BEP20 token issued on the Binance Smart Chain with a total fixed supply of 1 Quadrillion (1015)
tokens.

The ideation of ElonGate as a token with charitable purposes entered a pre-sale campaign which was hosted by DxSale, a decentralized, cross-chain, token management platform as a service.

Further to this, ElonGate’s initial token liquidity pool has been locked under DxSale’s DeFi Launch Certified Liquidity Locker, ensuring safety and security for our community of investors.

Elongate Tokeneconomic

  • Elongate token contract address: 0x2A9718defF471f3Bb91FA0ECEAB14154F150a385
  • Total Supply: 1,000,000,000,000,000 ElonGate 
  • Decimals: 9
  • Holders: 38,559 addresses
  • Transaction: 105,986

The token’s utility can be summarized into 3 fundamentals: earn, burn (through token extraction), and charity. We will further simplify the elongate token utility below.

Earn:

The earn aspect of ElonGate crypto is backed by the imposed 10% tax for outgoing transactions. Five percent of this tax is redistributed to the community, proportional to the tokens that they hold.

This system incentivizes their community of holders who in turn support ElonGate to make it a sustainable movement. Further details are outlined below:

  • Five percent of the tax is redistributed to the community of holders, proportional to the ElonGate tokens they hold.
  • The remaining 5% is transferred back as liquidity provider tokens to the PancakeSwap Liquidity Pool (LP). On a biweekly basis, 60% of the newly accumulated LP tokens will be removed from the liquidity pool and a majority of this will be appropriated as proceeds to their chosen charities
  • What is unique about the ElonGate crypto ecosystem is that it universally provides a goodwill commitment to the speculative nature of cryptocurrency trading – both incoming and outgoing transactions intrinsically reflect the charitable cause of ElonGate. For example, an outgoing transaction contributes to the liquidity pool wherein tokens are removed and appropriated as proceeds to our chosen charities.
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Token Extraction:

For the best interests of the community, the burn process has been instituted as part of a manual extraction process occurring every 14 days. There are cases wherein the burn process increases the floor price. In ElonGate, burn has been integrated into a charity-burn system. The initial algorithm is as follows:

  • Of the newly accumulated LP Tokens (the 5% fee) over a two-week cycle, 60% will be removed from the PancakeSwap Liquidity Pool: half are BNB, half are ElonGate. These tokens will then be appropriated to their overarching initiatives in public and transparent wallets, which will be vetted by the community as we go further.
  • This is their current approach to ElonGate’s tokenomics to ensure that they are capable to operate fully sustainably. Moving forward, a continuous assessment program will be instituted and the whole community will be involved in the decision-making process. They also, have a wallet set up to hold manual buyback funds: up to 20% of the BNB extracted in a cycle can be returned to the pool to support stable liquidity. Adaptability is a key security measure that the team upholds to put ElonGate in the best place for long-term sustainability and growth

Charity Burn:

Of the extracted BNB:

  • 67% – Charity
  • 20% – Marketing fund
  • 13% – Business & Logistics fund
  • Of the extracted ElonGate:
  • 67% – Burn
  • 33% – Community Giveaways

In other words, 1% of the accumulated transaction volume of the two-week period will be donated to charity, and an equal amount will be burned.

Where to Buy Elongate Crypto

You can buy Elongate crypto from Pancakeswap.finance

What is PancakeSwap

PancakeSwap is a Binance Smart Chain-based Decentralized Exchange (DEX) for swapping BEP-20 tokens. To facilitate ElonGate’s initial public offering, PancakeSwap offers their community the ability to exchange their BNB for ElonGate. In line with a pragmatic approach, ElonGate shall be listed into major exchanges in the near future

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The ElonGate NFT Launchpad

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In recent months, Non-Fungible Tokens (NFTs) have been taking the world by storm. In brief, NFTs are multimedia art that has been tokenized in the blockchain. One intrinsic offering that we have been establishing since ElonGate’s inception is their community NFT Launchpad.

The ElonGate NFT Launchpad is a platform exchange built upon the ElonGate ecosystem that facilitates the tokenization of multimedia art as well as the ability of their community to trade and own these assets.

This provides not only a utility aspect but also a redeemable aspect to the ElonGate token. As with any offerings within the ElonGate ecosystem, charity is well integrated into their crypto-collectible platform.

The team is proud to share that 80% of our NFT Launchpad profits will go towards charitable donations, a commitment that they will always uphold.

The use of BNB, as well as ElonGate, will be supported in our NFT Launchpad, ensuring low gas fees for our community. To reflect their 3 fundamentals, a value-added feature reflecting the earning aspect of their token has been integrated – NFT holders within their ElonGate ecosystem are entered into their NFT rare giveaways.

This gives Elongate Token NFT community a chance to own NFTs of varying rarities backed by a predefined supply and distribution system.

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