The world of cryptocurrencies has gained immense popularity as a means of investment and medium of exchange with the most popular cryptos like Bitcoin and Ethereum dominating the market. The Elongate crypto is another cryptocurrency similar to the Bitcoin and Ethereum but it serves a different purpose.
In this article, we will be taking a close a look at the project that projects itself as a Crypto with purpose. They have already donated millions of dollars to various charity causes. Let’s dive deep into it without much further ado.
What Is Elongate Crypto?
Elongate is a BEP20 high yield, frictionless and deflationary coin available on the Binance Smart Chain. The Elongate crypto has its CSR objectives in mind as it is based on a model where 10% transaction fees are used to reward holders and significant sums are donated for charitable purposes. In its first month, the Elongate crypto was able to raise over $1 million for charity.
Who is Behind Elongate?
The CEO behind the Elongate crypto is Lorenzo Andree who minted the Elongate token in May 2021. Alexander Gambon has been the face of the team conducting Twitch AMA and Elongate token charity donation events.
The idea for Elongate crypto stems from the tweet from Elon Musk which was used by Elongate team to create and name his crypto coin after it.
Is Elongate Crypto Decentralized?
Yes, the Elongate Crypto is a decentralized token.
What is Elongate Crypto Built On?
The Elongate crypto is built on the Binance Smart Chain. It is also linked to Elongate Token Ecosystem which focuses on its CSR responsibility and charitable causes.
How Many Elongate Tokens Are There?
The total supply of Elongate tokens is fixed at 1 Quadrillion tokens.
The Elongate Reddit Reviews seems to indicate great potential for the elongate crypto in the future. This could be particularly true because the Elongate coin shot up to greater than a staggering 1000% rise in value during its first three days of the initial launch. This boost clearly helped Elongate rise up the ladders and become a popular type of cryptocurrency.
Further, it has future plans of partnering with many famous charities and organizations with philanthropic causes such as UN World food program and the Big green corporation indicates that it will be the first of its kind to focus on the charitable aspects of a crypto and hence will have great potential for growth in the years to come.
What Does Elongate Crypto Do?
Elongate is a frictionless Yield & Liquidity Generation Token, where a 10% transaction fee rewards its users and donates massive sums to charity.
Elongate instantly splits the transaction fees where half goes to all holders and half auto locks in Pancake LP. This amount is then donated every week to a charity of its choice.
What Makes Elongate Unique?
Elongate has clearly set out its link between the cryptocurrency trading and its charitable and philanthropic goals in its whitepaper itself. Elongate is the first of its kind to come up with such an initiative and hence gained quite an immense popularity due to its CSR objectives.
Elongate is designed in such a way that even outgoing transactions contribute to the charitable initiatives organized every week.
Elongate’s commercial and trading prospects aligned with its charitable objectives makes it stand out from other cryptocurrencies.
Is Elongate Coin A Good Investment?
The Elongate coin is indeed a safe investment as far as cryptocurrencies are concerned. Elongate reviews rank Elongate with a rating of 3.3 for safety which is quite good especially for a new currency.
It is also highly lucrative in terms of growth and profit potential. It had a wonderful start as the Elongate coin shot up to greater than a staggering 1000% rise in value during its first three days of the initial launch.
The future price predictions of the Elongate coins also show a higher ROI which makes it an investment worthwhile. At the time of this writing the Elongate coin is expected to have a return of 301.5% per year on average.
Why is Elongate Rising?
Elongate had an initial price hike with many investors hyped to get hold of this new crypto after the tweet posted by Elon Musk. As a result of this fame and popularity, the price and number of users of the Elongate crypto hit the peak.
Why is Elongate Good?
What makes Elongate a good choice of a crypto to invest in apart from the possibility of making large personal gains from trading and staking is that it allows you to contribute for much larger charitable causes. Elongate is one of the pioneer cryptocurrencies that were invented with a view of giving back to society. If you are an investor that strongly believes in sustainability and charitable duties, then Elongate is the best crypto out there.
Why is Elongate Dropping?
There was a slight slump in the market for cryptos after the announcement made by Elon Musk to refuse acceptance of Bitcoin due to environmental reasons and this coupled with other external factors led to a slump in the price of cryptocurrencies as a whole.
This has affected the pricing for Elongate crypto as well. Also, the initial hype from the statement of Elon Musk that made a great backstory to the Elongate coin has faded away and this has affected the performance of the coin to some extent.
Where Can I Buy Elongate Crypto?
The Elongate crypto can be bought easily using a variety of platforms ranging from Binance, Coinbase to BitMart. It is available on most exchanges and plans to list on many more in future.
Pancakeswap is a decentralized exchange for the trading and investing of cryptocurrencies built on the Binance smart chain. This crypto exchange enables users to swap between cryptocurrency assets by tapping into user-generated liquidity pools.
The Elongate crypto is offered on the Pancakeswap for trading and is made available in trading pairs of Elongate and the Pancakseswap’s native token WBNB. It also allows you to swap your BNB to Elongate.
Follow these steps to buy or swap Elongate using Pancakeswap;
Step 2- Click on the Connect button to connect Metamask wallet to your Pancakeswap
Step 3- Adjust the slippage rate to 12%
Step 4- Now you are able to swap BNB Smart Chain to Elongate
BitMart is a well-renowned and highly secured trading platform that offers over 190 trading pairs of cryptocurrencies. You can try out a swap on the BitMart platform where you can swap your BNB tokens to Elongate tokens. Follow these steps to buy or swap Elongate via BitMart;
Step 1- Create an account and finish your KYC with Bitmart
Step 2- Deposit USDT into Bitmart from Binance
Step 3- Buy Elongate from their USDT crypto pair market
Can You Buy Elongate in The US?
Yes, you can buy Elongate in the USA. But first, you need to set up a Binance account and have it approved. After that you can go for a Pancakeswap to exchange BNB for Elongate crypto.
Where Can I Trade Elongate On?
Pancakeswap DEX is one of the most widely used, highly secure and convenient ways to trade your Elongate cryptos. You can buy, sell, trade and exchange Elongate cryptos via a Pancakeswap DEX.
How Do You Stake An Elongate?
Staking is similar to how you would hold in a bank and get interest while the bank uses those funds for its investments, and you get paid interest out of this. Staking is basically to buy and hold crypto for some time and earn rewards from it. Staking the Elongate crypto is quite similar to the process followed by many other famous cryptos.
Elongate Auto Staking Feature Explained
The auto staking feature allows users that hold Elongate to be automatically qualified for the staking and earn rewards. You can check out the official Elongate website for more details on the Elongate Staking feature.
Elongate Vs Safemoon
At a glance, both Safe moon and Elongate have similar characteristics as those listed below;
- In Safemoon and Elongate, 5% of transaction fees are returned back to Hodlers
- 100% community driven
- Users can use Pancakeswap
- Built on the BNB Platform
As far as the differences are concerned, there are quite a few as outlined below;
- Elongate started out as a charity project
- Elongate has a relatively lower market capitalization
- Elongate has more meme potential given its interesting backstory
- Safemoon has more partnerships than Elongate
- Safemoon has a first mover advantage
Final Verdict on Elongate Review
Elongate is indeed one of those fast-growing cryptocurrencies that has great potential for growth and return potential. Its initial success was largely attributed to its interesting backstory about the meme in relation to Elon Musk.
However, although it has dropped slightly as of late it does show good potential for growth as reflected in the user numbers. Elongate Crypto Reddit reviews suggest that it is one of the best currencies to invest in 2021.
The Elongate Price predictions are also worth taking a look at since it predicts a highly lucrative and steady growth over the years. Try your luck with the Elongate crypto and hopefully you will be successful with this high volatile new cryptos on the Binance Smart Chain
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates