Cryptocurrencies like Ethereum, Litecoin, and others have seen unprecedented growth in value in the last few years, and there are thousands of new crypto coins joining the party every day. Elongate is one of them!
In this article, we will talk about the Elongate crypto coin, including its origin, ecosystem, value, and much more.
Table of Contents
- 1 What is Elongate Crypto?
- 2 Things You Should Know About Elongate Crypto
- 3 How Secure is the Elongate Crypto?
- 4 People Behind the Elongate Crypto
- 5 The Ecosystem of Elongate Charity Crypto
- 6 Conclusion
What is Elongate Crypto?
Elongate crypto may sound like another cryptocurrency coin out there, but it is more than that. It is a blockchain startup with the goal of promoting social impact initiatives through innovation.
The cryptocurrency is based on the Binance Smart Chain. It’s been only a few months since the coin’s release, but it is already popular! It was founded on March 25, 2021.
One of the interesting facts about this crypto is that its name originated from a tweet from Elon Musk. The tweet read, “If there’s ever a scandal about me, *please* call it Elongate.” Just a few hours after the tweet, someone set up the elongate.cc website and gradually introduced the crypto.
According to the Elongate website, it is a high-yield and frictionless crypto. It makes the coin unique and has the potential to become expensive.
A Cryptocurrency with A Great Purpose
Another interesting fact about Elongate is it gives away a 10% transaction fee to the reward holders.
On the other hand, the remaining goes to the PancakeSwap Liquidity Pool (LP). Around 60% of the accrued tokens are given away for charities and philanthropic purposes. The Elongate community receives around half of the fee, propagating to the amount of the tokens they hold.
Within less than a year of establishment, the crypto has donated more than $3,000,000 for charity. Some of the organizations that receive the charity include Action Against Hunger, Ocean Cleanup, Big Green, etc. As per Elongate’s website, the platform has made 26 donations till now.
Things You Should Know About Elongate Crypto
Although Elongate began its journey almost as a joke like the meme-based crypto Dogecoin, it went on to become a more serious contender.
It managed to grow its value by more than 1000% within just three days of its establishment. Such a huge value expansion has made it the talk of the town. Another thing that makes the Elongate different is its deflationary nature. While many of the other crypto coins have no limit for maximum coin circulation, the Elongate has already executed several coin burns. The reduction of supply might help the coin raise its value.
These elements make the Elongate unique and have assisted it in capturing the interest of the people.
Being on the side of the deflationary coins, no new Elongate crypto coins will be available for mining once it reaches the maximum limit. That means the coin has a good chance of becoming expensive as it grows.
Coin Burns to Raise Value
Initially, the token’s circulation supply was one quadrillion. As of 15 January 2022, the circulating supply of Elongate tokens is 475,627.98B, and the current market capitalization of the coin is $21,272,574.
Around 412 trillion EG tokens were burned during the creation, and more than 24 trillion were burned after that. The tokens are burned on a weekly basis to improve the price.
How Secure is the Elongate Crypto?
Security is one of the big concerns when it comes to crypto. According to several recent reports, “hundreds of millions of dollars” worth of cryptocurrency have been stolen in the last few years. So, it is natural for anyone to be skeptical about the secureness of crypto before investing in it.
Audit by Certik
The cryptocurrency has gone through a Certik Audit to assure the safety of the coin to the possible investors. In case you don’t know, CertiK conducts security audits for blockchain technologies, including blockchain wallets, smart contracts, DApps, etc.
As per the company, they have analyzed ElonGate smart contracts to detect issues and vulnerabilities in their source code. They utilized both manual review techniques and static analysis for an inclusive inspection.
As per the CertiK audit, the Elongate crypto managed to receive an 88% security score. Also, no critical issues were detected in the taste. The crypto team keeps its open-source contract accessible in the BSCScan. Although Certik didn’t find any critical issues, they do point out the risk of centralization.
According to CertiK, specific addresses may acquire a significant number of LP tokens because of the crypto coin’s mechanism. It might lead to catastrophic consequences if the wallet’s private key is misused.
LP Token Lock
The Elongate crypto team aims to resolve the issue of decentralization. They confirmed to lock around 80% of the LP tokens.
In case you don’t know, token lockup is a timeframe when the tokens cannot be swapped to trade. And the remaining portion of LP tokens is extracted to their business accounts for the fulfillment of the project’s operational cost. The wallet addresses are public and displayed on their website.
People Behind the Elongate Crypto
The people behind Elongate are not anonymous. You will find the information of the founders on the Elongate.cc website.
- The president of the EZ Association is Lorenzo Andree, who has many years of experience working in big companies under various roles, including leadership, IT, engineering, CRM.
- The site lists Hasan Aziz as the Chief Operation Officer of the project. He is also the head of testing of NatWest Groups’ Open Banking. Earlier, he was the vice president of quality assurance and test automation. Hasan has decades of experience in DevOps and automation.
- Alexander Gambon is the Chief Brand Officer (CBO) at Elongate, who previously worked as Senior Brand and UX Strategist at Emory University. He also founded a startup and worked in other institutions under various roles related to design, management, and development.
- Brian Lobeda is the Chief Product Officer (CPO) at Elongate, who has previous experience in branding, product design, UI/UX, marketing, etc.
The website also lists other individuals under various roles, including Chief Risk Officer, Head of Engineering, Head of Product Innovation, and VP of Operations. All the individuals behind the crypto have years of experience in their prospective field.
The Ecosystem of Elongate Charity Crypto
The crypto startup Elongate is working on several innovative ideas that they believe will bring incredible value for both investors and charities. Primarily, their target verticals are creators, corporations, and charities.
Below, we will discuss some of the products of the Elongate ecosystem.
One of the hot products of the charity crypto is Elongate Spark, a DeFi social media platform to connect people from all around the world.
It is basically a mobile application that offers the user access to the Elongate Ecosystem. Using the platform, users can interact on content and posts related to social impact causes to grow the relevant initiatives.
Furthermore, the users will be able to track their funds as the profile will be integrated with their digital wallets. Users will also get exclusive rewards and collectibles in Elongate Spark.
This platform can be used to be vocal about the matters they cherish to talk about globally. Several social impact initiatives taken by Elongate have originated from their community’s aim to change the world.
With a platform like Spark, they are planning to give the community members a central hub to raise their voices while also accelerating their philanthropist initiatives. Users can also utilize this platform to monetize their content and earn. A pool of EG tokens is generated from the corporate advertisements, creator awards, and NFT revenues for the platform.
The tokens will be distributed to the users of the platform where the most valuable content will earn the most. Users can either cash out their earnings or reinvest them in the Elongate coin to earn even more.
Crypto Lightning Exchange
The Crypto Lightning Exchange is a native application directly integrated into Salesforce developed by Elongate and powered by EG tokens.
In the platform, around 150,000 enterprise clients can control the transfer of their cryptocurrency in their sales processes.
A small percentage of the transfer fee from the platform goes to charity, social impacts, and EG token burns. The clients can also decide over which causes should get the funds from their transaction fee.
Salesforce itself is a widely used platform with billions of revenues. Furthermore, around 83% of Fortune 500 companies use this platform as their trusted Customer Relationship Management (CRM) Platform.
The Crypto Lighting Exchange integration can help companies manage and exchange their crypto funds more efficiently. Basically, it can make it easier for companies to adapt to cryptocurrency finance.
The enterprise client or the companies need to pay a 1% fee for utilizing the platform. Half of the fee the exchange collects goes for social causes and charities. Besides, the other half is used for burning EG tokens or buyback. As a result, the more companies adapt to crypto, the more potential the Elongate crypto will get.
Stretch is a streaming platform under the Elongate crypto ecosystem. It will consist of on-demand podcasts, original series, and documentaries.
The content of the platform will mainly focus on illuminating the future of social impact. The streaming platform will enable both popular and aspiring content creators to produce effective viral content.
Elongate.cc is a platform that allows users to swap tokens with each other. Betoken is a platform that allows users to invest in and manage tokenized assets. The two platforms have teamed up to allow users to exchange tokens on both.
This will give users greater flexibility when it comes to exchanging tokens. It will also help to promote the use of Betoken.
The EG token is like the heart of the Elongate charity crypto ecosystem, and it is also essential for all other segments of the ecosystem. A portion of the EG token goes for the social impact or charities, while another is given to the token holders as a reward.
Games and Collectibles
An interesting part of the Elongate ecosystem is the games and collectibles. They release smartphone games that are integrated with the EG token. Users can play the game for fun and earn while also being an indirect promoter of the social impacts.
They also have collectible NFTs (Non-Fungible Tokens), which are integrated with the games. As per some sources, Elongate also has a plan to develop an NFT launch pad.
Blockchain Alliance for Global Good
Elongate is also working with the Blockchain Alliance for Global Good. The alliance is a group of companies and organizations committed to using the blockchain for social good.
Elongate is working with the alliance to develop new ways to use the blockchain for social good. This includes using the blockchain to fight poverty, hunger, and disease.
Some members of the alliance apart from Elongate include Starship, TCG World, BabyCake, BankerDoge, Women in Crypto, NowPayments, Riperdefi, Altrucoin, and many more.
Apart from social impact causes, they commit to doing further research and development to accelerate social impact through blockchain space.
How is It Going: Price Analysis
As per CoinMarketCap, the price of the Elongate coin was around $0.0000000836 at the beginning (on 4/9/21) with a $5.42M 24-hour total trading value.
It took only a month to reach the peak unit trading value of $0.00000098363 (at 4/21/2021) with a $9.3M 24-hour total trading value.
However, it failed to hold the value for long, and the price dropped to $0.0000004316 at the end of April with a 24-hour total trading value of $3.93M. On November 5, 2021, the price saw another rise at $0.000000859 with a $19.55M 24-hour total trading value.
These are the two immense price surges the coin has seen till now, and the price is progressively descending. As of January 16, 2022, the price of the coin is $0.0000000452, with a 24-hour trading volume of $96540.59. The descending price and trading value prove that investors are losing interest in this coin.
Note that it’s not yet the time to come to a conclusion on whether it is failing or winning. The coin is still very young and not even yet available for trading.
Being very young crypto with unique characteristics, Elongate has a lot of room to grow. Moreover, as the coin is a deflationary coin, its price may rise again if it becomes popular in the near future.
Is Elongate Legit?
As per the price chart of the Elongate, the price of the coin has seen an immense rise within a short time after establishment.
The price surge in such a short time makes some people think that the crypto is following a pump and dump scheme where developers produce so much hype about the coin, which fuels its price surge. After the price reaches a certain point, the people behind the coin sell it and make a huge profit. And because of this, the price of the coin decreases immensely and leaves the investors at a huge loss.
We cannot assure you whether it is following the mentioned scheme. But as we see in its whitepaper and the website, Elongate is highly community-centric. The community member who has a specific number of coins in their wallet can vote for the governance decision of the crypto project as well as for their charity projects.
Along with that, the coin locked out around 80% of their liquidity tokens which is like a long-term commitment to the community members.
Also, as mentioned before, the people behind the governance body of the coin are not anonymous like most crypto projects. In fact, the chief executives who run Elongate are all high profile, and their information is public on the website.
Considering all the facts and their charitable acts, there are very low chances of the coin being con.
Elongate is a very new crypto project with some unique characteristics. Although the price of the coin has been going down, it still has ample opportunities to grow as long as it can promote its community-centric governance structure and distribute more charity projects.
Finally, as the crypto market is so volatile and unpredictable these days, it’s better to invest your money only after proper research and analysis on your own, as everyone has a different risk appetite.
Trade safe and have a great trading period ahead!