How did Elongate come about?

On March 25, 2021, Musk, referring to the Watergate Scandal under the Richard Nixon presidency, which eventually lead to his resignation, said that if there was ever a scandal about him, "please call it Elongate."

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Now just about three weeks later, Elongate is in the market. What began as a joke has now become a community of over 100,000 holders, Elongate says, adding they are "determined to wield the power and capital of memes and Internet culture to change the face of charitable giving."

Elongate's pledge

The new cryptocurrency pledged it would give back 80 percent of its income to charity. "The combination of a philanthropic initiative with cryptocurrency is a major paradigm shift.”

“Elongate strives to become pioneers in this realm," it says on its official website.

Not just that, in its very first month, Elongate claims to have already raised over $1 million (roughly Rs. 7.5 crores) for charity. Additionally, 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.