Why Elongate (ELONGATE) crypto volume surged 40,000%?

Highlights 

• Elongate was incorporated in July 2021. 
• ELONGATE is a Binance Smart Chain-based crypto token powering a social impact movement.
• The token’s total supply is 569 trillion.

The Elongate crypto’s trading volume skyrocketed 40715.20% to US$1.98 million in the last 24 hours to 5:00 am ET, as per coinmaketcap.com. 

The crypto caught people’s attention in 2021 when Tesla chief Elon Musk tweeted that if there is ever a scandal about him, it should be called Elongate.

However, Musk doesn’t own the crypto token or share any relation with the project.

Elongate has recently tweeted about its merchandise collection. It spends the sales proceeds on social impact and charity projects.

Let us dive deep into the subject to understand more about Elongate.

What is Elongate (ELONGATE)? 

Elongate is a Binance Smart Chain-based crypto token to power a social impact movement. 

The project donates significant funds for philanthropic activities. It rewards token holders 10% of transaction fees. Elongate expects its blockchain to revolutionize social impact projects.

The project team is building a social impact ecosystem, which comprises Crypto Lightning Exchange, Elongate Spark, Stretch, Elongate.cc, SIMP: Social Impact Management Platform, Games & Collectibles, and EG token. 

Also Read: Global cryptocurrency regulatory body on the anvil, says top official

Elongate was incorporated in July 2021. Its board members include Hasan Aziz, chief operations officer (COO), and Alexander Gambon, chief brand officer.  

The company’s legal status and the team members' public profile on LinkedIn helped enhance its reliability factor. The team has locked over 80% of the liquidity. Besides, none of its wallets owns more than 1% of the supply. The supporting wallets are MetaMask and Binance Chain Wallet. 

The project generates funds from LP pulls, NFT drops, Merchandise sales, and Gaming.

Also Read: Why is Tron (TRX) crypto rising amid a market crash?

Data Source: coinmarketcap.com

Also Read: Why gaming crypto platform MOBOX (MBOX) volume soared 124%?

Partnership and other initiatives:

Last month, the project launched a play-to-donate feature in a P2E game of Deploy Starship, a PlayToEarn NFT game protocol. The gamers can commit a part of their GameFi earnings to charity with this feature. Its partners include Mother Earth Foundation, Malala Fund, Pencils of Promise, Starship, Altrucoin, etc. 

Blockchain Alliance for Global Good (BAGG) is Elongate’s initiative. It founded BAGG to unite blockchain and cryptocurrency companies to incentivize social impact and jointly work to change the world for the better.

Also Read: Crypto exchange FTX set to launch commission-free stock trading service

ELONGATE token:

The ELONGATE token jumped 72.12% to US$0.00000002524 at 5:00 am ET on Friday. 

Its self-reported circulating supply is 475,627.98 billion. The tokens’ maximum supply is 1,000 trillion, and the total supply is 569 trillion. Of the maximum supply of 1 quadrillion tokens, roughly 412 trillion were burned at creation, and around 24 trillion have been burned since. The token burning is an ongoing weekly routine of Elongate.  

Its current market capitalization is US$11.9 million. The crypto exchanges offering the token include PancakeSwap (V2), MEXC, BitMart, and Decoin. 

 Also Read: What is IOTA (MIOTA) crypto and why is it rising?

Bottom line:

The token is conceptualized to help build a sustainable world where profitability is intrinsically linked to the positive social impact. The company defines three ways to achieve its goal: igniting social transformation, building transparent pathways for earning and living, and empowering people to create a sustainable world.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.