Elongate Crypto: When a Meme's Not a Joke
Where did Elongate crypto come from? If you use Twitter often, you will notice that meme coins gained a rise in public attention, which gave rise to more meme coins coming out.
The cause: Elon Musk and his love for Dogecoin.
The Tesla and SpaceX billionaire frequently shared his thoughts, memes, and use cases for Dogecoin and the Shiba Inu coin. This allowed the billionaire to elevate meme coins to more than just internet and crypto jokes, telling the world that they can be used for purchasing really valuable things, like a Tesla.
Now, Elon Musk's service to the crypto and meme coin community inspired a certain Lorenzo Andree to startup the Elongate coin with a group of others, following a tweet the Tesla founder made in March 2021.
The rest, as they say, is history. Elongate has long moved on into being a project with a purpose; aiming to fight world hunger and climate change, which frankly is an incredibly idealistic approach to giving a crypto project relevance, especially when you place it in comparison with the likes of Bonfire [attach link to the Bonfire article here].
Since launching in March of 2021, it has donated more than 60% of its periodic profits to charitable causes, all of which are voted on by the decentralised autonomous community.
Even without much poking into the mode of operations for Elongate, one can tell that the coin has found great use cases. It has slowly become a model figure for successful meme coins in the crypto community.
Powered by the Binance Smart Chain, it makes a profit on its coin by taking a percentage of transactions carried out as fees, using it to reward holders, storing 60% of it, and then voting on what charitable causes get to enjoy the goodwill of crypto people.
This has made individuals who trade the coin feel a sense of attachment, knowing that the cost of doing business with that coin is going into a charitable cause somewhere in the world.
With more than 400,000 holders, even though the coin is worth a fraction of a cent, we see there is tremendous potential.
If you take a look at this prediction by Digitalcoin and place it side by side with the work they are doing plus the way they operate and the blockchain they are built on, you will see that in the nearest decade, it could be one of the most valuable coins around in the crypto market.
While many may be skeptical about its inception, growth, current market value, and future, it is worth noting that nothing is really ever a joke when a purpose is given to it in the crypto space. Citing the initial example of Dogecoins and Tesla's, one can begin to see possibilities in how crypto can not just be a part of our lives outside the internet, but also significantly impact it.
Author: Kalu Arunsi
Kalu Arunsi is a brand strategist who writes on Finance, Crypto, Tech and Marketing. His style involves breaking down complex topics into simple bite sized content, that way his readers enjoy reading as much as learning.