In the past few months, we have seen that a single from tech billionaire Elon Musk can set the ball rolling for a new venture. It can either lead to a massive gain or lead to a massive fall. Some of his recent tweets about cryptocurrencies have been prophetic for the market.

As far as cryptocurrencies are concerned, we have a new entrant, ‘Elongate’. Note that Elon Musk has no association with Elongate except one, that it is named after a Musk joke. On its home page, the digital currency clearly specifies that “Elongate has no affiliation with Elon Musk.”

Last week, on 25th March 25, Musk referred to Watergate Scandal under the Richard Nixon presidency which eventually lead to his resignation. He jokingly posted that if there was ever a scandal about him, “please call it Elongate.” Three weeks later, Elongate joined the market, and what began as a joke has now become a community of over 100,000 holders. Elongate says they are “determined to wield the power and capital of memes and Internet culture to change the face of charitable giving.”

Elongate pledged that it would give back 80 percent of its income to charity. It said, “The combination of a philanthropic initiative with cryptocurrency is a major paradigm shift.” On the official website, the coin says, “Elongate strives to become pioneers in this realm.”

Elongate claims that within the very first month of its existence, it has raised over $1 million for charity. In its whitepaper, Elongate says it has plans to set up funds to support the United Nations World Food Programme, Action Against Hunger, and the Big Green Corporation.

As of now, Elon Musk is yet to utter a word on the newest cryptocurrency. Last Friday, Musk shared a picture of the artwork by a Spanish painter and sculptor Joan Miro on Twitter and captioned it, “Doge barking at the moon.” Soon, the digital asset rallied over 160 percent.

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